Since Mark Zuckerberg’s statement to the ‘Harvard Crimson’ about the possibility of introducing advertisements, Facebook’s has undergone significant transformations as it celebrates its 20th anniversary.
An overview of some of the most significant events from the social network’s last 20 years is provided below-
The Launch Facebook’s
On February 4, 2004, Facebook was initially introduced as a social network called “TheFacebook“, primarily targeting Harvard College students. Over time, it gradually extended its reach to expanding various universities throughout the United States.
Accusations of Stolen Ideas
When Mark Zuckerberg, a student studying psychology and computer science, founded Facebook, it was exclusive to students like him and not for the general public. It was designed so they could exchange posts, messages, and create a network of ‘friends’. But just a few days after it launched, three of Zuckerberg’s fellow Harvard students accused him of stealing their idea for a similar social network they had created called ConnectU. Twins Tyler and Cameron Winklevoss and Divya Narendra claimed Zuckerberg had helped them with ConnectU, but eventually agreed to settle their legal case in 2008 – in exchange for $65m (£51m), including Facebook shares, and their ConnectU business. A million people were using Facebook by the end of the year.
Facebook goes Public
In May 2012, Facebook made its debut on the stock market, representing one of the most significant initial public offerings (IPOs) in the history of the United States. The company announced 421,233,615 estimated share value of at 38 dollars per share, though the first day of trading experienced some technical issues that prevented some orders from going through.
Who Uses Facebook the Most?
According to Datareportal, an online reference library, among Facebook’s global users, individuals aged 65 and above (5.6 percent) outnumber those aged 13-17 (4.8 percent).Facebook’s largest audience group, with just below a third (29.9 percent) of all users, is 25-34 years.
Cambridge Analytica
The scandal involving Cambridge Analytica was a major source of controversy for Facebook. An investigation revealed that the data analysis company was sharing personal data from Facebook apps without obtaining the consent of individuals. It is estimated that the company collected data from as many as 87 million users in 2014. As a consequence, Facebook faced penalties, including a £500,000 fine imposed by the UK’s Information Commissioner’s Office (ICO), which oversees data protection.
Oculus VR
In 2014, Facebook made another acquisition by acquiring Oculus VR, a virtual reality startup, for a staggering two billion dollars. This strategic move was aimed at expanding the company’s technological presence beyond the realm of social media.
Metaverse
In October 2021, Mr. Zuckerberg made a significant announcement regarding the restructuring of his company. He not only rebranded the parent company as Meta but also shifted its focus from social media to building the metaverse. This ambitious project aimed to position Meta as the leading player in what Mr. Zuckerberg believed to be the future of the internet. However, despite the substantial investment and time that has passed, the metaverse has not yet gained widespread popularity among the general public. Additionally, the company faced economic challenges in 2022 and 2023, following the pandemic, which led to significant job cuts. As of now, Mr. Zuckerberg’s bet on the metaverse has yet to yield positive results.
Regaining economic stability
In spite of the challenges it faced in the past few years, Facebook and Meta have experienced a remarkable resurgence at the beginning of 2024. The company has recently announced its strongest financial performance for the last quarter of 2023. Comparing it to the same period in 2022, there has been a 25% increase in revenue and a more than tripled net income. This positive outcome can be attributed to the return of user growth, the recovery of advertising sales, and the successful implementation of cost-cutting measures resulting from significant job cuts.
Meta Updates
In the year 2024, Meta has made a commitment to conceal any content that encourages self-harm and eating disorders on both Facebook and Instagram. The company has expressed its intention to utilize its extensive workforce of 40,000 employees dedicated to safety and security across the globe, as well as the substantial investment of $20 billion made since 2016, in order to further advance in addressing these concerns.
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