Facebook, the world's largest social network, announced in July 2010 that it had 500 million users around the world. The company has grown at a meteoric pace, doubling in size since 2009 and pushing international competitors aside. Its policies, more than those of any other company, are helping to define standards for privacy in the Internet age.
The company, founded in 2004 by a Harvard sophomore, Mark Zuckerberg, began life catering first to Harvard students and then to all high school and college students. It has since evolved into a broadly popular online destination used by both teenagers and adults of all ages. In country after country, Facebook is cementing itself as the leader and often displacing other social networks, much as it outflanked MySpace in the United States.
But it has also come to be seen as one of the new titans of the Internet, challenging even Google with a vision of a Web tied together through personal relationships and recommendations, rather than by search algorithms. In a major expansion, Facebook has spread itself across other Web sites by offering members the chance to "Like'' something — share it with their network — without leaving the Web page they're on.
In November 2010, Mr. Zuckerberg introduced Facebook Messages, a new unified messaging system that allows people to communicate with one another on the Web and on mobile phones regardless of whether they are using e-mail, text messages or online chat services.
The company raised $500 million from Goldman Sachs and a Russian investor in January 2011 in a deal that values the company at $50 billion — more than companies like eBay, Yahoo and Time Warner. The stake by Goldman Sachs, considered one of Wall Street’s savviest investors, signals the increasing might of Facebook, which has already been bearing down on giants like Google.
But in a surprise move, Goldman said in January that it was limiting its offer to foreign clients because of worries that the deal might run afoul of securities regulations. The decision was considered a serious embarrassment for the bank, which had marketed the investment to its wealthiest clients, including corporate magnates and directors of the nation’s largest companies.
While it has come under fire for a series of privacy stumbles, Facebook largely remains a darling of politicians. But the company has watched the missteps of Microsoft and Google in Washington, and knows that its current skirmishes are merely a prelude to looming clashes over its influence on the economic and social Web.
It is building a stalwart defense, moving at broadband speed from start-up to realpolitik strategist. One strategy has been to befriend Washington. Facebook has layered its executive, legal, policy and communications ranks with high-powered politicos from both parties, beefing up its firepower for future battles in Washington and beyond. In March 2011, the company was trying to lure Robert Gibbs, President Obama’s former White House press secretary, to its communications team.
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The company, founded in 2004 by a Harvard sophomore, Mark Zuckerberg, began life catering first to Harvard students and then to all high school and college students. It has since evolved into a broadly popular online destination used by both teenagers and adults of all ages. In country after country, Facebook is cementing itself as the leader and often displacing other social networks, much as it outflanked MySpace in the United States.
But it has also come to be seen as one of the new titans of the Internet, challenging even Google with a vision of a Web tied together through personal relationships and recommendations, rather than by search algorithms. In a major expansion, Facebook has spread itself across other Web sites by offering members the chance to "Like'' something — share it with their network — without leaving the Web page they're on.
In November 2010, Mr. Zuckerberg introduced Facebook Messages, a new unified messaging system that allows people to communicate with one another on the Web and on mobile phones regardless of whether they are using e-mail, text messages or online chat services.
The company raised $500 million from Goldman Sachs and a Russian investor in January 2011 in a deal that values the company at $50 billion — more than companies like eBay, Yahoo and Time Warner. The stake by Goldman Sachs, considered one of Wall Street’s savviest investors, signals the increasing might of Facebook, which has already been bearing down on giants like Google.
But in a surprise move, Goldman said in January that it was limiting its offer to foreign clients because of worries that the deal might run afoul of securities regulations. The decision was considered a serious embarrassment for the bank, which had marketed the investment to its wealthiest clients, including corporate magnates and directors of the nation’s largest companies.
While it has come under fire for a series of privacy stumbles, Facebook largely remains a darling of politicians. But the company has watched the missteps of Microsoft and Google in Washington, and knows that its current skirmishes are merely a prelude to looming clashes over its influence on the economic and social Web.
It is building a stalwart defense, moving at broadband speed from start-up to realpolitik strategist. One strategy has been to befriend Washington. Facebook has layered its executive, legal, policy and communications ranks with high-powered politicos from both parties, beefing up its firepower for future battles in Washington and beyond. In March 2011, the company was trying to lure Robert Gibbs, President Obama’s former White House press secretary, to its communications team.
Read More...
ARTICLES ABOUT FACEBOOK
Do Social Networks Make You Feel Left Out?
Does the social-media stream of updates from Facebook, Twitter, Instagram and their ilk afflict you with a sense that you're missing out on something better? Discuss your strategies for coping with this modern-day dilemma.
April 12, 2011 Q&A: Facebook Photos by Way of iPad
How to directly post photos to Facebook from Apple's iPad.
April 12, 2011 Facebook Settlement With Winklevoss Twins Upheld by Court Panel
Cameron and Tyler Winklevoss said they should have received more in their settlement. The court disagreed.
April 11, 2011 MORE ON FACEBOOK AND: DECISIONS AND VERDICTS, WINKLEVOSS, CAMERON, WINKLEVOSS, TYLER, KOZINSKI, ALEX, ZUCKERBERG, MARK E
Commemorating the Civil War's 150th Anniversary
Participate in live discussion with Adam Goodheart for about the significance of Civil War at 12 p.m., E.S.T., on Facebook.
April 11, 2011 How Social Media Can Induce Feelings of ‘Missing Out’
When constant updates on social media show your friends having fun without you, it’s easy to develop a case of FOMO, or “fear of missing out.”
April 9, 2011 MORE ON FACEBOOK AND: PSYCHOLOGY AND PSYCHOLOGISTS, FRIENDSHIP, SOCIAL NETWORKING (INTERNET), FOURSQUARE, TWITTER, INSTAGRAM
Venture Capitalist Fred Wilson Calls on S.E.C. to Relax Trading Rules
Fred Wilson, principal at Union Square Ventures, said in his blog on Friday that regulators should reduce the requirements for accredited investors
April 08, 2011 MORE ON FACEBOOK AND: Securities and Commodities Violations, Facebook.com, Securities and Exchange Commission, Union Square Ventures, Wilson, Fred
Facebook Opens Up Its Server and Data Center Designs
Facebook says that anyone will be able to copy its server and data center innovations to improve efficiency.
April 07, 2011 Founders Now Take the Money and Maintain Control
As investors chase after the latest social network start-ups, company founders are in a better position to keep control and get rich while still attracting investors to their company.
April 07, 2011 MORE ON FACEBOOK AND: Start-ups, Venture Capital, Accel Partners, Facebook.com, Groupon, Quora.com, Mason, Andrew, Zuckerberg, Mark E
The Money Network
Behind Facebook, Zynga, Groupon, Twitter and LinkedIn is a deeply connected, interdependent network of venture capitalists, founders, engineers and angel investors.
April 07, 2011 MORE ON FACEBOOK AND: Boards of Directors, Social Networking (Internet), Start-ups, Venture Capital, Silicon Valley (Calif), Facebook.com, Goldman Sachs Group Inc, Groupon, LinkedIn, Twitter, Zynga Game Network
The Dot-Com Boom, Then And Now
As multibillion-dollar valuations for marquee-name social media companies like FaceBook and Groupon become the norm, echoes of the dot-com boom -- and subsequent bust -- reverberate among investors.
April 07, 2011 MORE ON FACEBOOK AND: Computers and the Internet, Start-ups, Facebook.com, Groupon, Coffee, John C Jr
Police Lesson: Social Network Tools Have Two Edges
Facebook and Twitter can be valuable to law enforcement agencies, but careless postings get departments in trouble.
April 6, 2011 MORE ON FACEBOOK AND: POLICE BRUTALITY AND MISCONDUCT, SOCIAL NETWORKING (INTERNET), POLICE, TWITTER
If Youth Can Post Its Facebook Status, Age Can, Too
At the Clason's Point branch of the New York Public Library, people learn to use a medium that their children and grandchildren have long since mastered.
April 04, 2011 MORE ON FACEBOOK AND: Libraries and Librarians, Social Networking (Internet), Bronx (NYC), Facebook.com
Expedia Launches Sweepstakes on Facebook
Expedia has created a sweepstakes game on Facebook that offers more than $1 million in prizes, including five trips that cost more than $100,000.
March 31, 2011 MORE ON FACEBOOK AND: Social Networking (Internet), Travel and Vacations, Expedia Inc (Del), Facebook.com
Five Tips for Helping Parents With Technology
Becoming the tech-support line for your parents is never easy, but these tips can make things go more smoothly.
March 31, 2011 MORE ON FACEBOOK AND: Computers and the Internet, Electronic Mail, Mobile Applications, Wireless Communications, AOL, Facebook.com
