History of Facebook investigate whether banks underwriting Facebook had improperly shared information only with select clients, rather than the general public. Massachusetts Secretary of State William Galvin subpeonaed Morgan Stanley over the same issue. The allegations sparked "fury" among some investors and led to the immediate filing of several lawsuits, one of them a class action suit claiming more than $2.5 billion in losses due to the IPO. Bloomberg estimated that retail investors may have lost approximately $630 million on Facebook stock since its debut. History of Facebook Facebook is a social networking service launched on February 4, 2004. It was founded by
Social networking service has sifted pictures from Facebook and arrested some people who had been photographed in a public place holding a weapon such as a knife (having a weapon in a public place is illegal). Social networking is more recently being used by various government agencies. Social networking tools serve as a quick and easy way for the government to get the suggestion of the public and to keep the public updated on their activity, however this comes with a significant risk of abuse, for example to cultivate a culture of fear such as that outlined in "Nineteen Eighty-Four" or "THX-1138". The