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 in the Philippines Social networking in the Philippines Social networking is one of the most active web-based activities in the Philippines, with Filipinos being declared as the most active users on a number of web-based social network sites such as Facebook, Instagram, Snapchat and Twitter. The use of social networking website has become so extensive in the Philippines that the country has been tagged as "The Social Networking Capital of the World," and has also become part of Filipino cyberculture. Social networking is also used in the Philippines as a form of election campaign material, as well as tools to aid criminal investigation.