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 have a significant number of face-to-face interactions, the individual is likely to assess their own well-being as relatively high. The researchers found that online social networking plays a positive role in subjective well-being when the networking is used to facilitate physical interactions, but networking activities that do not facilitate face-to-face interactions tend to erode trust, and this erosion can then negatively affect subjective well-being (independent of the online social interaction itself). Sabatini and Sarracino conclude that "The overall effect of networking on individual welfare is significantly negative." However, some scholars have expressed that concerns about social networking are often exaggerated