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
Enterprise social networking join. On September 26 of 2006, Facebook announced that anyone around the world older than 13 years old with a valid email would be able to join Facebook’s online community. In October 2007, Microsoft purchased a 1.6% share of Facebook. That gave them the right to place international ads on Facebook. In July 2010 it was reported that Facebook had more than 500 million active users. This means that one out of fourteen people around the world is a Facebook user. The growth of Facebook was a boom in the social networking space. Facebook became a huge corporation that had