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
Facebook of the Double Irish arrangement which allows it to pay just about 2–3% corporation tax on all international revenue. In 2010, Facebook opened its fourth office, in Hyderabad and the first in Asia. Facebook, which in 2010 had more than 750 million active users globally including over 23 million in India, announced that its Hyderabad center would house online advertising and developer support teams and provide round-the-clock, multilingual support to the social networking site's users and advertisers globally. With this, Facebook joins other giants like Google, Microsoft, Oracle, Dell, IBM and Computer Associates that have already set up shop. In