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Facebook is a social media and social networking service owned by American technology conglomerate Meta.
Facebook is a social networking service originally launched as TheFacebook on February 4, 2004, before changing its name to simply Facebook in August 2005. [1] . It was founded by Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes. [2] .
- Context
- Preparation
- Public Trading
- Aftermath
For years, Facebook and Zuckerbergresisted both buyouts and taking the company public. The main reason that the company decided to go public is because it crossed the threshold of 500 shareholders, according to Reuters financial blogger Felix Salmon. Facebook reportedly turned down a $75 million offer from Viacom in 2006. That same year, Yahoo! att...
Filing and roadshow
Facebook filed for an initial public offering on February 1, 2012 by filing their S1 document with the Securities and Exchange Commission (SEC). The preliminary prospectus announced that the company had 845 million active monthly users and that its website featured 2.7 billion daily likes and comments.The filing noted that the company's increases in membership, as well as its incomes, were slowing and that the deceleration was likely to continue. To ensure that early investors would retain co...
Valuation
Prior to the official valuation, the target price of the stock steadily increased. In early May, the company was aiming for a valuation somewhere from $28 to $35 per share ($77 billion to $96 billion). On May 14, it raised the targets from $34 to $38 per share.Some investors even suggested a $40 valuation, although a dip in the stock market on the day before the IPO ended such speculation. Strong demand, especially from retail investors, suggested Facebook could choose a relatively high offer...
In the immediate build-up to the offering, public interest swelled. Some said it is "as much a cultural phenomenon as it is a business story." Meanwhile, Facebook itself celebrated the occasion with an all-night "hackathon" on the night before the IPO. Zuckerberg rang a bell from Hacker Square on Facebook campus in Menlo Park, California, to announ...
Financial
The IPO had immediate impacts on the stock market. Other technology companies took hits, while the exchanges as a whole saw dampened prices. Investment firms faced considerable losses due to technical glitches. Bloomberg estimated that retail investors may have lost approximately $630 million on Facebook stock since its debut. UBS alone may have lost as much as $350 million. The Nasdaq stock exchange offered $40 million to investment firms plagued by offering-day computer glitches. While cons...
Legal
More than 40 lawsuits were filed regarding the Facebook IPO in the month that followed. Reuters' Alistair Barr reported that Facebook's lead underwriters, Morgan Stanley (MS), JP Morgan (JPM), and Goldman Sachs (GS) all cut their earnings forecasts for the company in the middle of the IPO roadshow. Some[who?] have filed lawsuits, alleging that an underwriter for Morgan Stanley selectively revealed adjusted earnings estimates to preferred clients. The remaining underwriters (MS, JPM, GS) and F...
Regulatory
Facebook's IPO is now under investigation and has been compared to pump and dump schemes. Government officials called for investigations in the following weeks. Securities and Exchange Commission Chairman Mary Schapiro and Financial Industry Regulatory Authority (FINRA) Chairman Rick Ketchum called for a review of the circumstances surrounding the troubled IPO. On 22 May, regulators from Wall Street's Financial Industry Regulatory Authority announced that they had begun to investigate whether...
Mark Elliot Zuckerberg (/ ˈzʌkərbɜːrɡ /; born May 14, 1984) is an American businessman. He co-founded the social media service Facebook and its parent company Meta Platforms (formerly Facebook, Inc.), of which he is chairman, chief executive officer and controlling shareholder.
The cinnamon quail-thrush (Cinclosoma cinnamomeum) is a species of bird in the family Cinclosomatidae. Endemic to Australia, it is typically found in arid and semi-arid regions of the central part of the continent, spanning southwest Queensland, northwest New South Wales, northeastern South Australia, and the southeast of the Northern Territory.
Wikipedia [c] is a free content online encyclopedia written and maintained by a community of volunteers, known as Wikipedians, through open collaboration and the wiki software MediaWiki.Wikipedia is the largest and most-read reference work in history, [3] [4] and is consistently ranked among the ten most visited websites; as of August 2024, it was ranked fourth by Semrush, [5] and seventh by ...
This is a list of languages by total number of speakers. It is difficult to define what constitutes a language as opposed to a dialect. For example, Chinese and Arabic are sometimes considered single languages, but each includes several mutually unintelligible varieties, and so they are sometimes considered language families instead.
