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This Day In Market History: Mark Zuckerberg Launches Facebook

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This Day In Market History: Mark Zuckerberg Launches Facebook

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.

What Happened? On this day 17 years ago, Mark Zuckerberg launched Facebook, Inc (NASDAQ: FB).

Where Was The Market? The S&P 500 was trading at 1,126.52 and the Dow Jones Industrial Average was at 10,470.74.

What Else Was Going On In The World? In 2004, CBS News uncovered torture of Iraq prisoners at the Abu Ghraib prison.

The European Union underwent its largest expansion in history, adding Poland, Czech Republic, Estonia, Latvia, Lithuania, Slovakia, Hungary, Slovenia, Malta and Cyprus to the Eurozone.

The average cost of a new house in the U.S. was $274,500.

Social Media Era Begins: Zuckerberg famously launched his website Thefacebook when he was a 19-year-old sophomore at Harvard, and the website was initially only available for Harvard students.

Zuckerberg soon expanded the site to other colleges in the Boston area and then to anyone with a college email address. Facebook expanded to allow all users over the age of 13 in 2006.

Within four years, Facebook had 100 million users. When the company went public in 2012, it was valued at $90 billion in the largest IPO in history at the time.

That same year, Facebook acquired Instagram for $1 billion.

Facebook Today: Today, Facebook has 2.8 billion monthly active users and is valued at $759 billion.

The company has grown into one of the largest advertising businesses in the world and generated $29.1 billion in net income in 2020.

 

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