Facebook is the world’s largest social network, with over 1 billion monthly active users.
Facebook was founded by Mark Zuckerberg
in February 2004, initially as an exclusive network for Harvard
students. It was a huge hit: in 2 weeks, half of the schools in the
Boston area began demanding a Facebook network. Zuckerberg immediately
recruited his friends Dustin Moskovitz, Chris Hughes, and Eduardo Saverin to help build Facebook, and within four months, Facebook added 30 more college networks.
The original idea for the term Facebook came from Zuckerberg’s high
school (Phillips Exeter Academy). The Exeter Face Book was passed around
to every student as a way for students to get to know their classmates
for the following year. It was a physical paper book until Zuckerberg
brought it to the internet.
With this success, Zuckerberg, Moskowitz and Hughes moved out to Palo Alto for the summer and rented a sublet. A few weeks later, Zuckerberg ran into the former cofounder of Napster, Sean Parker.
Parker soon moved in to Zuckerberg’s apartment and they began working
together. Parker provided the introduction to their first investor, Peter Thiel, cofounder of PayPal and managing partner of The Founders Fund. Thiel invested $500,000 into Facebook.
