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 defined by the individual sites dedicated to a particular type of entertainment experience incorporating basic social networking services. Within the realm of social entertainment, online content is tightly intertwined with social features. These interactions around the content create a highly personalized experience for users which, in turn, drives a virtuous cycle of ongoing consumer engagement for service providers. In this sense, social entertainment refines the paradigm established by social networks, in which interactions with others are central and reasons for interacting with them are secondary. A social entertainment service is an online service, platform or website which links back to