FACEBOOK

Aries

Facebook, formerly The Facebook, is a free-access social networking website that is operated and privately owned by Facebook, Inc. Users can join networks organized by city, workplace, school, and region to connect and interact with other people. People can also add friends and send them messages, and update their personal profiles to notify friends about themselves. The website's name refers to the paper facebooks depicting members of a campus community that some US colleges and preparatory schools give to incoming students, faculty, and staff as a way to get to know other people on campus.

Mark Zuckerberg founded Facebook while he was a student at Harvard University. Website membership was initially limited to Harvard students, but was expanded to other colleges in the Boston area, the Ivy League, and Stanford University. It later expanded further to include any university student, then high school students, and, finally, to anyone aged 13 and over. The website currently has more than 150 million active users worldwide.

Facebook has met with some controversy over the past few years. It has been blocked intermittently in several countries including Syria and Iran. It has also been banned at many places of work to increase productivity. Privacy has also been an issue, and it has been compromised several times. It is also facing several lawsuits from a number of Zuckerberg's former classmates, who claim that Facebook had stolen their source code and other intellectual property.

The advent of Facebook came about as a spin-off of a Harvard University version of Hot or Not called Facemash. Mark Zuckerberg, while attending Harvard as a sophomore, concocted Facemash on October 28th, 2003. Zuckerberg was blogging about a girl and trying to think of something to do to get her off his mind

According to the Harvard Crimson, Facemash "used photos compiled from the online facebooks of nine Houses, placing two next to each other at a time and asking users to choose the “hotter” person." The site was quickly forwarded to several campus group list-serves but was shut down a few days later by the Harvard administration. Zuckerberg was charged by the administration with breach of security, violating copyrights and violating individual privacy and faced expulsion, but ultimately the charges were dropped

The following semester, Zuckerman founded "The Facebook," originally located at thefacebook.com, on February 4, 2004

Facebook received its first investment of US$500,000 in June 2004 from PayPal co-founder Peter Thiel. This was followed a year later by $12.7 million in venture capital from Accel Partners, and then $27.5 million more from Greylock Partners.A leaked cash flow statement showed that during the 2005 fiscal year, Facebook had a net loss of $3.63 million.

With the sale of social networking website MySpace to News Corp on July 19, 2005, rumors surfaced about the possible sale of Facebook to a larger media company.[27] Zuckerberg had already said he did not want to sell the company, and denied rumors to the contrary. On March 28, 2006, BusinessWeek reported that a potential acquisition of Facebook was under negotiation. Facebook reportedly declined an offer of $750 million from an unknown bidder, and it was rumored the asking price rose as high as $2 billion.