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 Social networking service A social networking service (also social networking site, or SNS or social media) is an online platform which people use to build social networks or social relations with other people who share similar personal or career interests, activities, backgrounds or real-life connections. The social networks are distributed across various computer networks. The social networks are inherently computer networks, linking people, organization, and knowledge. Social networking services vary in format and the number of features. They can incorporate a range of new information and communication tools, operating on desktops and on laptops, on mobile devices such as tablet