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
Privacy concerns with social networking services marketers. As Facebook reveals user information to advertising and marketing organizations, personalized endorsements will appear on news feeds based on “surfing behavior, hobbies, or pop culture preferences”. For those reasons, Facebook's critics fear that social networking companies may seek business ventures with stockholders by sharing user information in the exchange of profits. Additionally, they argue that since Facebook demonstrates an illusion of privacy presented by a “for-friends-only” type of platform, individuals find themselves more inclined to showcase more personal information online. According to the critics, users might notice that the sponsorships and commercials are tailored to their disclosed private data,