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 social networking service to generate visibility for an enterprise. Social networking sites started to form in the 1990s; an example of these websites is Theglobe.com, which began in 1995. As other websites such as GeoCities and Tripod.com started to form online communities, they encouraged their users to interact with each other via chat rooms and other tools. They also provided easy-to-use publishing tools along with free web space. Classmates.com’s approach was to link people together via their emails, the website was like a friends search engine. Businesses eventually realized that social networking websites could provide a fast and efficient way