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 networking websites to help connect users and has begun to facilitate audience acquisition. While these websites may not yet be recognized as entertainment companies, they are leading the way in terms of adding value to the consumer experience of entertainment online. The majority of users polled in both the UK and US felt that social networking websites provide better value than music, gaming and television companies alone. Due to this shift in audience interaction, traditional media companies are acquiring social components to stay competitive. The main types of services offering social entertainment are split into two categories: "live platforms"