The Business of… Facebook
As Facebook shoots past the 500 million member mark, Kipp tells you everything you ever wanted to know about the social networking site, but forgot to ask.
July 25, 2010 4:06 by Samuel Potter
Facebook was originally dreamt up by Mark Zuckerberg when he was a sophomore at Harvard University. That was in 2004, and the site could be found at Thefacebook.com. The idea was to allow people to keep in touch over the internet and get to know each other better, and the name came from the publication that some colleges give students at the start of the year to get to know each other better. Originally the site was only for Harvard students, but within a month, half of the undergraduate population was registered. Zuckerberg recruited friends Eduardo Saverin, Dustin Moskovitz, Andrew McCollum and Chris Hughes to help promote the site, and it rapidly spread to other colleges. Having launched in February, in June the company moved to California and took investment from PayPal’s Peter Thiel. In 2005 it bought Facebook.com for $200,000, and dropped “the.” The site progressed and opened for high schools, then a few businesses, before finally opening to everyone over the age of 13. And it hasn’t looked back since.