The company, with Zuckerberg as CEO, is one of the richest in the world, with a net worthof over $500 billion. In 2008, Facebook surpassed MySpace in the number of worldwide unique visitors and has since established itself as the premier online destination for more than two billion users.
With robust features and interactivity that included a live update feed, friend tagging, and the signature “like” button, Facebook’s network of users grew exponentially. By 2006, the website, which had changed its name and domain to Facebook, was open to anyone over 13 years of age with a valid email address. A year later, membership was expanded to employee networks at major companies Apple and Microsoft. Within a few months, however, invitations were extended to other top colleges including Columbia, Stanford, Yale, and MIT.
Initially, registration on the website was restricted to Harvardstudents. In 2004, Zuckerberg and his fellow schoolmates went live with a social platform called thefacebook, an online student directory based on the physical "Face Books" that were used on many college campuses throughout the United States at the time. In 2003, Harvard student and computer programmer Mark Zuckerberg designed and developed a website called Facemash that was similar to a popular photo rating website, Hot or Not. The company was acquired by News Corporation in 2005 for $580 million.īut as with Friendster, MySpace’s reign at the top didn’t last long. By 2006, MySpace would go on to surpass search giant Google as the most visited website in the United States. In 2003, when MySpace burst on the scene, it quickly outpaced Friendster to become the world’s largest social network, boasting over a billion registered users at its peak.
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