![]() By 2006, Facebook was open to anyone above 13 years with a valid email. Later, it expanded to cover all Ivy League colleges. Initially, Facebook was a social site for college students at Harvard. Previously, it was known as “Thefacebook.” In May 2005, Facebook received an investment of $12.7 million from Accel Partners, and Jim Breyer made an additional $1 million. In 2005, the company purchased the domain name from AboutFace Corporation for $200,000 and dropped “The” from its name. Later the company received the first investment from Peter Thiel, who was the co-founder of PayPal. During this time, the company moved its headquarters Pablo Alto in California. In 2004, Sean Parker, an entrepreneur, and co-founder of Napster, who doubled as an informal adviser to Mark Zuckerberg, was made the president of the company. In April 2012, the company announced that it had acquired Instagram, and Oculus VR was acquired for $2 billion. Most products were shut down after acquisition. According to Facebook, most of its acquisitions are mainly talent acquisition. Most of the companies that were bought by Facebook were American companies, and several of them were based in the San Francisco Bay area. Facebook also acquired the defunct ConnectU and intellectual property rights that were held by the rival company Friendster. So far, Facebook has acquired 79 other companies, which include WhatsApp that was acquired for $16 billion. He is responsible for drawing the overall direction and strategy of the company. Presently, Mark Zuckerberg is the chairman and chief executive officer (CEO) of Facebook. The idea of creating a social networking website was inspired by the failed effort to create a website that users could rate each other’s photos. All of them were college mates and roommates at Harvard College. Mark Zuckerberg is the founder of Facebook, and his other colleagues who worked together to establish Facebook include Chris Hughes, Dustin Moskovitz, Andrew McCollum, and Eduardo Saverin. However, unlike Google, which connects advertisers with consumers through keyword searches, Facebook generates revenues mainly from targeted advertising. ![]() Facebook, together with Alphabet Inc, the parent company of Google, have emerged as the two dominant companies in digital advertising. On July 25, 2018, Facebook reported second-quarter revenues of $13.2 billion. In 2017, Facebook generated revenues of more than $40 billion, and about 89% of these revenues were from digital advertisements. It is one of the big four tech companies, together with Google, Apple, and Amazon. Facebook is a social networking company with its headquarters in Menlo Park, California.
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