September 28, 2022

Key chapters within the historical past of Fb, the world’s greatest social media utility, which marks the tenth anniversary Wednesday of its inventory market debut.

In 2003, 19-year-old Harvard laptop whiz Mark Zuckerberg begins figuring out of his dormitory room on a web-based community aimed initially at connecting Harvard college students.

The next 12 months he launched with three Harvard roommates and classmates: Chris Hughes, Eduardo Saverin and Dustin Moskovitz.

As membership is opened as much as different faculties round North America Zuckerberg quits his research and strikes to Silicon Valley.

The brand new firm receives its first funding from PayPal co-founder Peter Thiel, who stumps up $500,000, and formally adjustments its title to Fb in 2005.

In 2006, US media conglomerate Viacom and Yahoo make separate performs for Fb, however each are turned down.

Microsoft takes a $240 million stake within the firm a 12 months later, by which period Fb has 50 million customers.

That 12 months sees Zuckerberg admitting to privacy-related “errors” for the primary time, over an ad platform known as Beacon that tracked purchases made by Fb members and let their associates know what that they had purchased.

In 2008, the platform topples MySpace to develop into the world’s hottest social networking web site and launches its first cellular app the next 12 months.

David Fincher’s story of the origins of Fb, “The Social Community,” hits film theaters in 2010 and wins Oscars for finest tailored screenplay, authentic rating and movie enhancing.

Time journal that 12 months names Zuckerberg as Particular person of the 12 months for “reworking the best way we stay our lives daily.”

See also  U.S. Treasury's Yellen To Push Poland On World Minimal Tax Implementation

As membership rockets, Fb performs a rising function in shaping public debate.

In 2011, the platform performs a key function in giving a voice to disillusioned Arab youth within the Arab Spring of revolts that started that 12 months in Tunisia.

Mark Zuckerberg is seen in 2010, with Fb already the most important on-line social community however earlier than its inventory market debut Photograph: GETTY IMAGES NORTH AMERICA through AFP / JUSTIN SULLIVAN

In 2012, Fb snaps up photograph-sharing app Instagram for $1 billion and recordsdata for an preliminary public providing.

The largest IPO ever within the tech sector raises some $16 billion and values the corporate at $104 billion.

A hoodie-clad Zuckerberg remotely rings the Nasdaq bell from Fb’s California headquarters on the primary day of buying and selling.

By October 2012, Fb’s membership has topped one billion.

In 2014, Fb pays a small fortune to strive increase its reputation amongst youthful smartphone customers by shopping for messaging platform WhatsApp in a money and inventory deal valued at $19 billion.

Because it continues transferring up on this planet, it strikes into new Frank Gehry-designed headquarters in Silicon Valley, with a rooftop park and “the most important open flooring plan on this planet.”

In 2016, Fb is embroiled in controversy over Russia’s alleged use of it and different social media platforms to strive affect the end result of the election that introduced Donald Trump to the White Home.

In 2018, Fb is once more on the middle of scandal after it emerges that British consulting agency Cambridge Analytica stealthily harvested the non-public information of hundreds of thousands of Fb customers and used it for political functions, together with making an attempt to rally help for Trump.

See also  Nameless Breaches High Russian Regulation Agency With International Purchasers

Zuckerberg is grilled within the US Congress over Fb’s dealing with of consumer information and the best way the community is being manipulated to undermine democracy.

The Fb boss vows to do extra to fight pretend information, international interference in elections and hate speech and to tighten information privateness.

In 2021, Zuckerberg pronounces that Fb has modified its firm title to Meta — Greek for “past” but additionally which means the metaverse — the digital world which he sees as representing the way forward for the web.

On February 3, 2022, the corporate’s share value plunges, wiping greater than $200 billion off its market worth after it warns of slowing income development.

As younger customers more and more desert it for the likes of TikTok or Snapchat, the corporate admits to shedding one million energetic every day customers. However with 1.96 billion customers, one- quarter of the globe’s inhabitants it stays the largest social media platform.