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 software". This software is able to sort out through the influx of social networking data for any specific company. Facebook has been especially important to marketing strategists. Facebook's controversial "Social Ads" program gives companies access to the millions of profiles in order to tailor their ads to a Facebook user's own interests and hobbies. However, rather than sell actual user information, Facebook sells tracked "social actions". That is, they track the websites a user uses outside of Facebook through a program called Facebook Beacon. There has been a trend for social networking sites to send out only "positive" notifications to