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 of stand-alone and built-in social networking services in the online space introduces a challenge of definition. Furthermore, the idea that these services are defined by their ability to bring people together provides too broad a definition. Such a broad definition would suggest that the telegraph and telephone were social networking services – not the Internet technologies scholars are intending to describe. The terminology is also unclear, with some referring to social networking services as social media. A recent attempt at providing a clear definition reviewed the prominent literature in the area and identified four commonalities unique to current social networking