On September 26, 2006, Facebook was opened to everyone at least 13 years old with a valid email address In late 2007, Facebook had 100,000 business pages (pages which allowed companies to promote themselves and attract customers). These started as group pages, but a new concept called company pages was planned. Pages began rolling out for businesses in May 2009. On October 24, 2007, Microsoft announced that it had purchased a 1.6% share of Facebook for $240 million, giving Facebook a total implied value of around $15 billion. Microsoft’s purchase included rights to place international advertisements on the social networking site
In October 2008, Facebook announced that it would set up its international headquarters in Dublin, Ireland. Almost a year later, in September 2009, Facebook said that it had turned cash flow positive for the first time. A January 2009 Compete.com study ranked Facebook the most used social networking service by worldwide monthly active users. Entertainment Weekly included the site on its end-of-the-decade “best-of” list saying, “How on earth did we stalk our exes, remember our co-workers’ birthdays, bug our friends, and play a rousing game of Scrabulous before Facebook?”
Traffic to Facebook increased steadily after 2009. The company announced 500 million users in July 2010, and according to its data, half of the site’s membership used Facebook daily, for an average of 34 minutes, while 150 million users accessed the site by mobile. A company representative called the milestone a “quiet revolution.”In November 2010, based on SecondMarket Inc. (an exchange for privately held companies’ shares), Facebook’s value was $41 billion. The company had slightly surpassed eBay to become the third largest American web company after Google and Amazon.com.
In early 2011, Facebook announced plans to move its headquarters to the former Sun Microsystems campus in Menlo Park, California. In March 2011, it was reported that Facebook was removing about 20,000 profiles every day for violations such as spam, graphic content, and underage use, as part of its efforts to boost cyber security. Statistics by DoubleClick showed that Facebook reached one trillion Facebook eventually filed for an initial public offering on February 1, 2012. Facebook held an initial public offering on May 17, 2012, negotiating a share price of US$38. The company was valued at $104 billion, the largest valuation to date for a newly listed public company. Facebook began selling stock to the public and trading on the NASDAQ on May 18 Based on its 2012 income of $5 billion, Facebook joined the Fortune 500 list for the first time in May 2013, ranked in position
Facebook filed their S1 document with the Securities and Exchange Commission on February 1, 2012. The company applied for a $5 billion IPO, one of the biggest offerings in the history of technology. IPO raised $16 billion, making it the third-largest in U.S. history, after Visa Inc. in 2008 and
The shares began trading on May 18; the stock struggled to stay above the IPO price for most of the day, but set a record for the trading volume of an IPO (460 million shares).The first day of trading was marred by technical glitches that prevented orders from going through; only the technical problems and artificial support from underwriters prevented the stock price from falling below the IPO price on the day. In March 2012, Facebook announced App Center, a store selling applications that operate via the website. The store was to be available on iPhones, Android devices, and mobile web users.