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 and Psychology advanced features to help users find and manage friends. These newer generation of social networking websites began to flourish with the emergence of SixDegrees.com in 1997, Makeoutclub in 2000, Hub Culture in 2002, and Friendster in 2002. However, the first profitable mass social networking website was the South Korean service, Cyworld. Cyworld initially launched as a blog-based website in 1999 and social networking features were added to the website in 2001. Other social networking websites emerged like Myspace in 2002, LinkedIn in 2003, and Bebo in 2005. In 2009, the social networking website Facebook (launched in 2004) became the largest