There's a phenomenon sweeping the globe and it's called Facebook. The social networking site started out as a dorm room hobby, but has quickly grown into a world-wide sensation. With membership growing at a high rate, high page hits, and users spanning the globe, it's no wonder that society has become obsessed with Facebook.
Facebook's Inception
Originally billed as thefacebook.com, Facebook began as the hobby of a Harvard sophomore, Mark Zuckerberg, in 2004. With financial backing from Eduardo Saverin, Zuckerberg saw his hobby become an instant hit within the dorm rooms of Harvard. Eventually, thefacebook.com spread to Standford and Yale where it was also well received. Soon two other Harvard students, Dustin Moskovitz and Chris Hughes joined Zuckerberg in improving the site. Once the site became a national student sensation, Moskovitz and Zuckerberg left Harvard to run their online venture full time.
In August 2005 thefacebook.com officially became known as Facebook and the domain facebook.com was reportedly purchased for $200,000. Now Facebook has evolved into a popular site visited by teens and adults alike, unseating Myspace and firmly cementing itself as the leader in social networks. In January 2011, Facebook raised $500 million from Goldman Sachs and an unnamed Russian investor in a deal that puts the value of the company at $50 billion.
