Facebook, Inc.

Article

October 19, 2021

Facebook, Inc. (styled as FACEBOOK) is an American technology and social media conglomerate headquartered in Menlo Park, California. It was founded by Mark Zuckerberg, along with his roommates and Harvard students who were Eduardo Saverin, Andrew McCollum, Dustin Moskovitz and Chris Hughes, originally as TheFacebook.com - now Facebook, a popular global social networking site. Facebook is one of the most valuable companies in the world. It is considered one of the top five technology companies, along with Microsoft, Amazon, Apple and Google. Facebook offers other products and services in addition to its social networking platform, including Facebook Messenger, Facebook Watch and Facebook Portal. It also acquired Instagram, WhatsApp, Oculus VR, Giphy and Mapillary, and has a 9.9% stake in Jio Platforms. In May 2019, Facebook founds Libra Networks, supposedly in order to develop its own cryptocurrency. In recent developments, it has been reported that Libra is being supported by companies such as Visa, Mastercard, PayPal and Uber. In addition to the cryptocurrency, a cryptocurrency wallet (initially named "Calibra", changed its name to "Novi") and a cryptocurrency network are also under development. In December 2020, Facebook changed the name of its cryptocurrency to "Pound" for Diem.

Mergers and acquisitions

Over the years, Facebook has acquired a few tech companies. One of the first big acquisitions was in 2012, when Facebook acquired Instagram for approximately one billion dollars. In 2013, Facebook acquired Onavo, an Israeli mobile internet analytics company. In 2014, Facebook acquired two more large companies, WhatsApp for over $19 billion and Oculus VR for over $2 billion. In 2019, Facebook acquired Beat Games, a virtual reality game developer, a subsidiary of Oculus VR.

Structure

Management

Facebook's key management personnel consist of: Mark Zuckerberg (President and CEO) Sheryl Sandberg (Director of Operations) Mike Schroepfer (Director of Technology) David Wehner (Chief Financial Officer) Chris Cox (Product Director) As of December 2019, Facebook had 43,030 employees.

Administrative Council

In April 2019, Facebook nominated Peggy Alford to be added as a board member during the May 2019 AGM. If that happens, she will become the first African American woman to serve on this board and the second African American to do so. it. As of April 2019, Facebook's board consisted of the following directors; Mark Zuckerberg (President, Founder and CEO) Sheryl Sandberg (Executive Director and COO) Marc Andreessen (Non-Executive Director, Co-founder and General Partner, Andreessen Horowitz) Erskine Bowles (Non-Executive Director, President Emeritus, University of North Carolina) Kenneth Chenault (Non-Executive Director, President and Managing Director, General Catalyst) Susan Desmond-Hellmann (Non-Executive Director, CEO, Bill and Melinda Gates Foundation) Reed Hastings (Non-Executive Director, President, Co-founder and CEO, Netflix) Peter Thiel (Non-Executive Director, Co-founder and former CEO, PayPal, Founder and President, Clarium Capital) Jeffrey Zients (Non-Executive Director, Past Director, US National Economic Council)

Governance

Facebook's first investor and former mentor to Zuckerberg Roger McNamee described Facebook as having "the most centralized decision-making structure I've ever encountered in a large company." Nathan Schneider, professor of media studies at the University of Colorado Boulder, championed the transformation of Facebook into a cooperative platform owned and governed by users. Facebook co-founder Chris Hughes says CEO Mark Zuckerberg has a lot of power, that the company is now a monopoly and, as a result, must be split into several smaller companies. Hughes asked to split Facebook into a

INSERT INTO `wiki_article`(`id`, `article_id`, `title`, `article`, `img_url`) VALUES ('NULL()','Facebook,_Inc.','Facebook, Inc.','Hughes asked to split Facebook into a','https://upload.wikimedia.org/wikipedia/commons/5/56/Facebook_Headquarters_1_Hacker_Way_Menlo_Park.jpg')