FACEBOOK: THE MONARCH OF SOCIAL NETWORKING SITES
Facebook, needs no introduction. Everybody uses facebook, everybody loves facebook. Prior, to facebook people used to bond with each other on phones, e-mails etc but with the advent of facebook people are so involved in each other’s lives. I can tell where my facebook friend went to last Saturday, what he was wearing, which place did he went in to eat and a lot more with just a click of the mouse. Facebook is so intricately involved in our lives that hardly a day goes by when you don’t log into your account to geobrag or to change your facebook status as per your changing emotions. A few months ago, I read in the paper that a girl died in a car crash because she was changing her facebook status to “happy” while driving the car. The urge for “facebooking” is so strong that only a decade old; it has become a part and parcel of our humdrum lives.
The legend of the FACEBOOK
FACEBOOK was created by a Harvard dropout Mark Zuckerberg and was originally called thefacebook.com. prior to facebook, he also invented another social networking program called the facemash where its users can compare and vote the pictures that they like, but owing to its controversial nature facemash had to be shut down, but this made Zuckerberg take it one step further and he created a social networking site where its users can connect with their peers by creating their profile.
Though the authenticity of the Mark Zuckerberg being the real inventor is highly debated, according to a buzz three of his fellow students Divya Narendra, and twins Cameron and Tyler Winklevoss sought him out to work on an idea for a social networking site they called Harvard Connection which was supposed to be a dating website for the Harvard Elite but Zuckerberg soon dropped out of the project to work on his own social networking site with his three other friends.
Zuckerberg dropped out of the college to devote his full time to the facebook and by the end of 2004, facebook had 1 million users.
The rise of the facebook
In 2005, Accel, a venture capital firm, invested 12.7 million dollars into the network which led to the expansion of facebook, attracting a total of 5.5 million users. The popularity of facebook began attracting the interest of other companies who wanted to advertise with the popular social hub but not wanting to sell, Zuckerberg turned down the offers from companies like yahoo! and MTV. And later facebook seemed to go nowhere but up.
Facebook had its initial public offering (IPO) in 2012 which raised a staggering 16 billion dollars, making it the biggest IPO in history. Facebook also bought another media website “instagram” in 2012.
In May 2013, Facebook made to the Fortune 500 list for the first time and making Mark Zuckerberg the youngest CEO (28) on the list.