Facebook is an online social media and networking website that is owned by the American business Meta Platforms. Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes, all Harvard College classmates, and housemates, founded Facebook in 2004. The company’s name was inspired by the Facebook directories that are frequently sent to American college students.
Initially, membership was limited to Harvard students. Other North American institutions eventually joined, and as of 2006, anyone over the age of 13 is eligible to participate. Facebook had 2.93 billion active users as of July 2022, making it the third most popular website in the world. In the decade 2010, it was the app that received the most downloads.
Founder of Facebook
Facebook was founded in 2004 by Mark Zuckerberg, Chris Hughes, Eduardo Saverin, and Dustin Moskovitz while they were all Harvard University students. The current CEO, Mark Zuckerberg, has a personal net worth of $117 billion. Saverin relocated to Singapore and now owns a firm that makes investments in startup companies.
Asana, which Moskovitz founded and is now valued at $23 billion, was founded. Chris Hughes has largely avoided the spotlight, thus nothing is known about his current activities.
According to Celebrity Net Worth,
Facebook is an American corporation that creates social networking technology. It has a $527 billion market cap and a $527 billion net worth. When Mark Zuckerberg was a Harvard University student, he founded Facebook in 2004.
Since then, the number of users has increased to around 900 million. On Facebook.com, users may create personal accounts and then upload images, discuss news headlines, communicate with friends, and do a lot more. The company wasn’t accessible to the public before May 2012. In its initial public offering, Facebook intended to raise $10.6 billion by selling 337 million shares for between $28 and $35 each.
It was anticipated that several well-known Facebook insiders would sell a significant amount of shares during the IPO. Facebook’s CEO, Mark Zuckerberg, gained $1.057 billion after selling 30.2 million shares. More than 500 million of the shares he didn’t sell in the IPO will remain in his possession. His estimated net worth is $16 billion as a result.
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The Top 10 Shareholders in Facebook
Some of Facebook’s largest stockholders are some of its founders, followed by financial institutions. The top 10 are as follows:
- Vanguard Group Inc., 7.92%
- Blackrock Inc., 6.75%
- FMR (Fidelity), 5.51%
- T.Rowe Price, 4.20%
- State Street Corporation, 4.00%
- Capital International Investors, 2.12%
- Capital World Investors, 2.00%
- Capital Research Global Investors, 1.75%
- Geode Capital Management, LLC, 1.72%
- Norges Bank Investment Management, 1.27%
How Much Facebook Spent on Metaverse
CEO Mark Zuckerberg informed shareholders on Wednesday that Meta’s metaverse project would lose “substantial” sums of money over the following three to five years. He mentioned this in answer to a shareholder’s query concerning return on investment at the annual meeting of Facebook owners on Wednesday.
The board of Meta claims that many of its products for an “embodied internet”—in which users would be totally submerged in a virtual world—are not likely to be practical for another 10 to 15 years. “We want to make the hardware as inexpensive as possible for everyone, and we want to make sure the digital economy flourishes,” Zuckerberg reportedly told shareholders, according to Bloomberg.
In just 2021, Meta spent $10 billion on the architecture of their metaverse. It already has 10,000 employees working on Zuckerberg’s plan, and it wants to add an additional 10,000.
Rapid Growth of Facebook
When Zuckerberg was a student at Harvard University in 2003, he created a website called “Facemash.” The website asked viewers to decide which of two people they thought was “hotter” when two people from nine different Houses were placed side by side, akin to Hot or Not. Facemash has 450 users and 22,000 photo views in the first four hours.
In May 2006, Julie Zhuo became Facebook’s first intern. After a month, Zhuo was hired as an engineer on a full-time basis. Anyone over 13 with a working email address was able to sign up for Facebook as of September 26, 2006. By the end of 2007, businesses had created 100,000 pages on Facebook for self-promotion.
The first organization pages went live in May 2009. Microsoft announced on October 24, 2007, that it had paid $240 million for a 1.6% stake in Facebook. This resulted in a total estimated value for Facebook of about $15 billion. Facebook introduced App Center, a website-based app shop, in March 2012. The store was designed to be compatible with iPhones, Android smartphones, and mobile websites.
Zuckerberg spoke about his 10-year plan on April 12, 2016. Artificial intelligence, increased global connectivity, and virtual and augmented reality were its three fundamental cornerstones. A $1 billion lawsuit was launched against the business in July, alleging that it permitted Hamas to use it in attacks that resulted in the deaths of four people.
Facebook posted the designs for its Surround 360 camera on GitHub under an open-source license. For its animated short “Henry,” received an Emmy in September. Facebook said that it would turn off its face recognition technology and wipe the data of more than a billion users on November 2, 2021.
Awards and Successes
Over the years, Facebook has garnered a lot of recognition and appreciation. As one of the most significant new businesses ever, Facebook made Mark Zuckerberg the youngest billionaire ever.
In addition to winning three times from Crunchie for “Best Overall Startup or Product” from 2008 to 2010, Facebook got the People’s Voice Award in 2008.
Frequently Asked Questions
How Much Does Facebook Have in Total?
Facebook is worth about $527 billion altogether.
When Did Facebook Start?
Facebook was started in the United States in February 2004 in Cambridge, Massachusetts.
Who Came Up With the Idea for Facebook?
Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Chris Hughes, and Dustin Moskovitz are the people who came up with the idea for Facebook.