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Facebook Turns 16 Today

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Facebook, one of the world's most popular social networking sites, has turned 16 today.

Facebook was founded by Mark Zuckerberg and a few other fellow Harvard University students in the university dormitory room on February 4, 2004.

Zuckerberg's idea was to create a social networking platform for university students to communicate and connect with each other. The platform was originally known as TheFacebook.com.

Facebook has now grown to be one of the world's most valuable companies. The social media giant currently has a market capitalization of more than $582 billion, and employs almost 45,000 people.

According to LinkedIn's "2019 LinkedIn Top Companies" list, Facebook stood in second position among the ten most attractive employers in the U.S. The company is among the most sought-after by prospective employees in search of fulfilling careers.

Menlo Park, California-based Facebook provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. They include its messaging services such as Messenger, Instagram and WhatsApp. In addition, it has independently developed the Facebook Watch and the Facebook Portal family of home video-calling devices.

Facebook has also expanded into video gaming in recent years. The company acquired virtual reality or VR headset maker Oculus for $2 billion in 2014.

In 2018, the company launched Facebook Gaming, which it claims now has more than 700 million monthly users.

However, Facebook also has its fair share of controversies. In July 2019, the Federal Trade Commission or FTC imposed a $5 billion penalty on Facebook for violating consumers' privacy.

The fine was imposed after the FTC investigated Facebook regarding allegations that UK-based political consulting firm Cambridge Analytica accessed the data of 87 million Facebook users without authorization.

Last June, there were reports federal regulators planning to investigate the market dominance of some of the largest technology companies in the U.S.

The U.S. Justice Department reportedly agreed to handle potential antitrust investigations related to Apple and Alphabet Inc.'s Google, while the FTC will oversee investigations of Facebook and Amazon.com.

Facebook, last week, reported a fourth-quarter profit that trumped Wall Street estimates, driven largely by higher-than expected revenues reflecting strong growth in ad revenues.

Revenues of Facebook continue to rise every quarter as companies and other firms continue to spend heavily to advertise on the social network. However, the company has warned it cannot sustain the growth at the same rate in the future.

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