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Mark Zuckerberg- World’s Youngest Billionaire

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Mark Eliot Zuckerberg is one of youngest billionaire and founder of Facebook born on May 14, 1984. Mark’s father, Edward Zuckerberg, is a dentist and mother, Karen Zuckerberg, is a psychiatrist. He was a Harvard undergraduate when he started the Facebook social networking website in 2004.

Zuckerberg had previously been reprimanded by the Harvard administration for his Face mash site, a Harvard-specific photo rating site.

Face Mash – A Fun Site for Voting:-

  • In 2003, when Mark Zuckerberg suffered from insomnia in the Harvard dormitory room, he got an idea to create a site called Face Mash.
  • Mark decided to hack the database of Harvard, where the students uploaded their profile pictures.
  • The process was in full swing and site was visited by most of the students at Harvard.
  • When the number of visitors exceeded the limit, the server crashed due to overload.
  • Mark appeared before the committee on computer hacking.
  • Nobody told Mark Zuckerberg ‘Well done!’ and he received a disciplinary action, and had noticed that such kind of things cause stormy interest in society.
  • By the way, Harvard has refused to comment on the incident up till now.

 

The Rise of Facebook:-

  • About 10 month before, Divya narendra had already spoken with the idea of creating a social network especially for Harvard students in which many of whom were suffering from emotional stiffness.
  • Divya Narendra’s partners were twins Tyler and Cameron Winklevoss.
  • In conversation with Mark, Narendra said that the project would be called Harvard Connection which later named as “Connect U”.
  • The tasks of Mark Zuckerberg included programming of the site and creating a special source code, which would allow the system to work as quickly as possible.
  • While working on Harvard Connection, he got a fantastic idea for his own social network.
  • On February 04, 2004, Mark Zuckerberg registered the domain name TheFacebook.com, now known throughout the world as Facebook.com.
  • After Zuckerberg and his partner Eduardo Saverin realized that there were already 4,000 users registered on Facebook.
  • One of them was a Mark’s neighbour, Darren Markowitz, who further opened the Facebook service to students at Columbia University, Stanford, and Yale.
  • Zuckerberg controls nearly 60% of the company’s votes, 35% – Eduardo Saverin, and 5% went to the newcomer Markowitz.
  • Facebook went beyond the education sector, becoming more and more popular.
  • Mark Zuckerberg started looking for investors. The first investments Mark received from one of the founders of PayPal, Peter Thiel, who is well known throughout Silicon Valley.
  • In less than a year after it was founded more than 1 million people joined the social network.
  • By 2005, Facebook became accessible for all educational institutions and universities in the USA.
  • The main thing is to attracted users in Facebook is that friends who meet in real life now could communicate with each other online.
  • When they got over 50 million users, large companies began to offer Zuckerberg to sell them the project.
  • Six days later after launching the site, senior student’s brothers Cameron and Tyler Winklevoss and Divya Narendra accused Mark Zuckerberg of stealing their idea.
  • They claimed that in 2003 hired Zuckerberg to make him complete the establishment of the social network HarvardConnection.com.

 

Bill gates and Facebook:-

  • In 2007, a significant event happened to Facebook. Microsoft acquired 1.6% equity stake in Facebook for an impressive amount of $240 million dollars.
  • After the deal, Bill Gates created an account on Facebook.
  • Bill Gates provided a major PR campaign for Facebook worldwide.

 

How Facebook Makes Money:-

  • In 2013, the turnover of Facebook, Inc. reached $7.87 billion and net income – $1.5 billion.
  • The basic earnings of Facebook come from contextual ads on the pages of the social network.
  • These are mostly not real, but virtual goods. For example seeds, fruits and vegetables, purchased by fans of the popular game Farmville developed by Zynga.

 

Acquisition of Instagram, Oculus Rift, and Whatsapp:-

  • Mark Zuckerberg is a great strategist, and he keeps acquiring companies that continue their operation as independent entities under Facebook.
  • In April 2012, acquired mobile photo sharing app Instagram for $1 billion in cash and stock. Initially, it was an iOS application developed by Mike Krieger and Kevin Systrom.
  • In March 2014, Facebook closed the acquisition of Oculus Rift for $2 billion. Oculus Rift is a virtual reality hardware engineered by Oculus VR Company headed by Palmer Freeman Luckey.
  • In October 2014, Mark Zuckerberg completed the purchase of Whatsapp for $22 billion.
  • In 2010 Mark Zuckerberg was awarded with “ Time Person of the Year”

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