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 services: The potential for computer networking to facilitate newly improved forms of computer-mediated social interaction was suggested early on. Efforts to support social networks via computer-mediated communication were made in many early online services, including Usenet, ARPANET, LISTSERV, and bulletin board services (BBS). Many prototypical features of social networking sites were also present in online services such as America Online, Prodigy, CompuServe, ChatNet, and The WELL. Early social networking on the World Wide Web began in the form of generalized online communities such as Theglobe.com (1995), Geocities (1994) and Tripod.com (1995). Many of these early communities focused on bringing people