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
Enterprise social networking of marketing. Social media websites are great places for businesses to reach their customers, and the environment can provide a means for growing a business. In 2005, as social networking websites were becoming more and more popular, Myspace had more page views than Google. Myspace was followed by Facebook which started in February 2004. When Facebook began, users were limited to college students in the United States, who had to use a college email with a .edu extension to join the network. In September 2005 some high schools were allowed to join the network, but they needed an invitation to