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 after each update. All of this has led to many concerns that users are displaying far too much information on social networking sites which may have serious implications on their privacy. Facebook was criticized due to the perceived laxity regarding privacy in the default setting for users. The “Privacy Paradox” is a phenomenon that occurs when individuals, who state that they have concerns about their privacy online, take no action to secure their accounts. Furthermore, while individuals may take extra security steps for other online accounts, such as those related to banking or finance, this does not extend to social