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Facebook is an American for-profit corporation and an online social media and social networking
service based in Menlo Park, California. The Facebook website was launched on February 4,
2004, by Mark Zuckerberg, along with fellow Harvard College students and roommates, Eduardo
Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes.[5][6]
The founders had initially limited the website's membership to Harvard students; however, later
they expanded it to higher education institutions in the Boston area, the Ivy League schools,
and Stanford University. Facebook gradually added support for students at various other
universities, and eventually to high school students as well. Since 2006, anyone who claims to be
at least 13 years old has been allowed to become a registered user of Facebook, though
variations exist in the minimum age requirement, depending on applicable local laws.[7] The
Facebook name comes from the face book directories often given to United States university
students.[8]
Facebook may be accessed by a large range of desktops, laptops, tablet computers,
and smartphones over the Internet and mobile networks. After registering to use the site, users
can create a user profile indicating their name, occupation, schools attended and so on. Users
can add other users as "friends", exchange messages, post status updates and digital photos,
share digital videos and links, use various software applications ("apps"), and receive
notifications when others update their profiles or make posts. Additionally, users may join
common-interest user groups organized by workplace, school, hobbies or other topics, and
categorize their friends into lists such as "People From Work" or "Close Friends". In groups,
editors can pin posts to top. Additionally, users can complain about or block unpleasant people.
Because of the large volume of data that users submit to the service, Facebook has come under
scrutiny for its privacy policies. Facebook makes most of its revenue from advertisements which
appear onscreen, marketing access for its customers to its users and offering highly selective
advertising opportunities.[9]
Facebook, Inc. held its initial public offering (IPO) in February 2012, and began selling stock to
the public three months later, reaching an original peak market capitalization of $104 billion. On
July 13, 2015, Facebook became the fastest company in the Standard & Poor's 500 Index to
reach a market cap of $250 billion.[10] Facebook has more than 2 billion monthly active users as
of June 2017.[11][12] As of April 2016, Facebook was the most popular social networking site in the
world, based on the number of active user accounts.[13] Facebook classifies users from the ages
of 13 to 18 as minors and therefore sets their profiles to share content with friends only.[14]