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 and Psychology they were face-to-face coviewing television. Individuals with high needs to belong can use social media to participate in social interactions regularly, in a broader sense (Cohen & Lancaster, 2014) Social Networking and Psychology Social media began in the form of generalized online communities. These online communities formed on websites like Geocities.com in 1994, Theglobe.com in 1995, and Tripod.com in 1995. Many of these early communities focused on social interaction by bringing people together through the use of chat rooms. The chat rooms encouraged users to share personal information, ideas, or even personal web pages. Later the social networking community Classmates