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Mark Zuckerberg is Facebook’s founder, chairman, and CEO (FB). Here’s how he established his massively profitable social media company.
Early Childhood and Education
Mark Zuckerberg was born in White Plains, New York, on May 14, 1984, and grew up in nearby Dobbs Ferry. He was born into a well-educated household and had an early interest in computer programming.
At the age of 12, Zuckerberg developed Zucknet, a messaging software that he used as an inter-office communication system for his father’s dentistry practice.
Because of his early signals of success, his parents hired a computer programming tutor and enrolled him in a prep school in New Hampshire while he was still in high school. Zuckerberg attended Harvard University after graduating from prep school.
Story of Success
While there are many talented individuals at Harvard, Mark Zuckerberg rapidly became recognized as the go-to computer programmer on campus. He had already created two programs by his sophomore year: CourseMatch and Face Mash. Both programs were quite popular, however the latter was discontinued by the institution because it was judged improper.
Based on his popularity on campus, Mark Zuckerberg collaborated with pals to establish a social networking site for Harvard students to communicate with one another. The site went live under the moniker “The Facebook” in June 2004, and Zuckerberg administered it from his dorm room.
After his second year, Zuckerberg dropped out of college to focus full-time on what was now known as Facebook. By the end of 2004, the website had one million visitors. This surge in user growth drew the attention of several venture capital (VC) organizations, and Zuckerberg finally relocated to Silicon Valley in 2005. Accel Partners provided Facebook with its first round of venture capital funding.
By the end of 2005, however, Facebook had expanded to include students from other institutions, bringing the website’s total user base to 5.5 million. Since 2005, Facebook has attracted multiple purchase approaches from companies such as Yahoo and Microsoft, has been involved in court fights, and has seen a significant expansion in its user base.
Facebook announced its first-quarter profits for 2021 on April 28, 2021. The business announced quarterly sales of $26.17 billion, up 48 percent from the previous quarter and above expectations, as well as greater profits per share and net income. Monthly active users, a crucial statistic, were 2.85 billion, a 10% rise year on year.
Influence Right Now
Mark Zuckerberg, who has a net worth of $119 billion as of May 2021, has signed the Giving Pledge, which states that he would contribute at least half of his net assets to charitable organizations before his death. In 2010, for example, he gave more than $100 million to help preserve the Newark, New Jersey, education system.
When his daughter Max was born in 2015, Mark Zuckerberg and his wife Priscilla Chan wrote an open letter in which they committed to give away 99 percent of their net fortune during their lifetime.
Many, however, have questioned Mark Zuckerberg’s way of giving his riches. The nonprofit foundation established by Zuckerberg and Chan is a limited-liability business, not a charitable trust. This option permits the two to do things that charity trusts cannot, which may make the foundation more successful, while it may also benefit their family more than a regular trust.
Corporations are permitted to make for-profit investments and political contributions. Corporations, unlike charity trusts, are not compelled to register their political contributions.
Trump’s Ban and Cambridge Analytica
After it was found that the corporation had shared users’ data with the political consultancy firm Cambridge Analytica, Mark Zuckerberg appeared before Congress in April 2018.
Forbes attributes Facebook’s stock price drop following the company’s July warning to investors of slowing growth and profit margins to the growing impact of the battle between profit and privacy, citing the Cambridge Analytica story and Facebook’s growing inability to protect users from harmful misuse and misinformation.
ARTICLE SOURCES
Brain Tech Solution compels authors to rely on original sources to back up their claims. White documents, government statistics, original reporting, and interviews with industry experts are among them. Where applicable, we also cite original research from other credible publishers. In our editorial policy, you can learn more about the criteria we use to provide accurate, balanced information.
- Biography, Accessed Oct 29, 2021.
- Investopedia , Accessed on Oct 29, 2021
