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 church, entertainment, and family. Companies are using social media as a way to learn about potential employees' personalities and behavior. In numerous situations a candidate who might otherwise have been hired has been rejected due to offensive or otherwise unseemly photos or comments posted to social networks or appearing on a newsfeed. Facebook and other social networking tools are increasingly the aim of scholarly research. Scholars in many fields have begun to investigate the impact of social networking sites, investigating how such sites may play into issues of identity, privacy, social capital, youth culture, and education. Research has also suggested