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
Group (online social networking) MSN Groups, Yahoo! Groups and eGroups pioneered the combination of web-based mailing list archives with user profiles; by 2000, such services doubled as full-fledged mailing lists and Internet forums, allowing users to create an extremely large variety of discussion and networking mediums with comparatively sparse thresholds of complexity. Further features included chat rooms (often Java-based), image and video galleries, and group calendars. The second spurt of social networking, one which was less dependent upon mailing list-related features and more upon Internet forum features, began in the early- to mid-2000s in the form of such services as LiveJournal, Friendster, MySpace and