Facebook, now controversial, appeared in a Harvard dormitory – 02/02/2024 – Tech

From an online address book with photos of students to a technology and internet advertising giant, including some controversies, this is the story of Facebook, which turns 20 next Sunday (4).

Beginning at university

In 2003, 19-year-old computer prodigy Mark Zuckerberg began working in his Harvard University dorm room on an online network designed to connect students at this prestigious US institution.

On February 4, 2004, he launched thefacebook.com with three friends.

Membership is open to other colleges in North America and, in the same year, Zuckerberg leaves Harvard and moves to Silicon Valley, California.

The new company receives its first major external investment of US$500,000 (around R$1.46 billion, at the time) from PayPal co-founder Peter Thiel, and officially becomes Facebook in 2005.

First privacy concerns

After Facebook rejected offers from the American media conglomerate Viacom and Yahoo, Microsoft acquired a stake worth US$240 million (R$467.49 million) in 2007. At this time, Facebook has 50 million users.

That year, Zuckerberg apologized for a feature called Beacon, which alerted the entire community when a user made online purchases.

In 2008, with 100 million people, Facebook surpasses MySpace and becomes the most popular social networking site in the world, launching its first mobile application the following year.

Protest platform

The story of the origins of Facebook, “The Social Network” by David Fincher, hits theaters in 2010 and wins Oscars for best adapted screenplay, original soundtrack and editing.

Zuckerberg is named Time magazine’s 2010 Person of the Year for “transforming the way we live our lives every day.”

As its membership grows, Facebook plays an increasingly important role in shaping public debate.

In 2011, he played a key role in giving voice to disillusioned Arab youth in the Arab Spring uprisings.

Entry to the stock exchange

In 2012, Facebook buys the photo-sharing application Instagram for US$1 billion (R$1.95 billion).

The biggest initial public offering (IPO) in the technology sector so far raises US$16 billion (R$31.27 billion) and values ​​Facebook at US$104 billion (R$203.27 billion).

Zuckerberg, dressed in a hoodie, rings the Nasdaq bell remotely from Facebook’s California headquarters.

In October 2012, Facebook surpassed the one billion member mark.

Social media conglomerate

In 2014, Facebook absorbed yet another platform when it purchased the messaging application WhatsApp for US$19 billion (R$44.71 billion).

The company moves to a new headquarters, designed by Frank Gehry, in Silicon Valley.

Controversies

In 2016, Facebook became involved in controversies over its alleged use, as well as other social networks, by Russia, to influence the result of the United States presidential elections that brought Donald Trump to power.

Later in 2018, it came to light that British consulting firm Cambridge Analytica secretly collected the personal data of millions of Facebook users and used it for political purposes, including drumming up support for Trump.

Zuckerberg, questioned in the US Congress, promises to do more to combat fake news, foreign interference in elections and hate speech, in addition to strengthening data privacy.

From Facebook to Meta

In 2021, Facebook changes the company’s name to Meta — in Greek, “beyond”, but also in reference to the metaverse — the virtual world that Zuckerberg sees as the future of the internet.

On February 3, 2022, its share price plummeted, losing more than 200 billion dollars (R$1.06 trillion) of its market value after the company warned about slow revenue growth.

The shares recover spectacularly at the end of 2023, and the company records a capitalization of more than 1 trillion dollars (R$4.93 trillion) at the beginning of 2024.

Young users are increasingly abandoning it in favor of TikTok or Snapchat, but with approximately 1.96 billion active users, it remains the most used social network in the world.

Concerns about youth

In October 2023, dozens of states in the United States accuse the Goal of harming the mental health of children and adolescents.

Meta later responds with plans to tighten content restrictions for minors on Instagram and Facebook.

In 2023, Facebook also receives a record fine of 1.2 billion euros (R$6.44 billion) in Ireland for illegally transferring personal data between Europe and the United States, violating European Union rules

Paid version

In July 2023, Meta launches its text-based app, Threads, intended to be a competitor to X, the former Twitter, after that platform alienated many users and advertisers since its acquisition by Elon Musk.

In late October, it began offering ad-free paid subscriptions in Europe for users who don’t want their personal data collected.