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
Online social entertainment social experiences. As an evolution of social networks online, social entertainment websites have grown exponentially. In 2010, Edelman released a study revealing that seventy-three percent of 18- to 24-year-olds in the US and 61 percent in the UK see social networks as a form of entertainment. Fifty percent (US) and 56 percent (UK) of respondents aged 35–49 also consider social networking websites to be a main source of entertainment. Online entertainment is a growing industry which is replacing traditional media. Within the past decade, video renting companies have shutdown do to services such as Netflix making video rental more convenient.