Facebook is the world’s most popular social media network with two billion monthly active users.
Mark Zuckerberg has ultimately redefined the future of the internet!
The famous Mark Zuckerberg’s Facebook was founded while he was studying at Harvard University along with his roommates.
It all began with the creation of a website called Facemash.
Being a keen computer programmer, Mark Zuckerberg wrote a software when he was in his second year of college. He wanted to create an online network where people could stay in touch with each other. So, in 2003, he came up with a software for a website called Facemash. He made good use of his computer and coding skills. He hacked into Harvard’s security network where he copied the student ID images used by the dormitories. He used them to overrun his website along with his friends. However, the site was shut down by Harvard authorities. Zuckerberg had to face serious charges of breach of security, violating copyrights and violating individual privacy for stealing the student photos he used to populate the site. Alongside, he also faced expulsion from Harvard University for his actions. Days later, all charges were eventually dropped.
A year later, the transformation of a Harvard University networking website to a global social media phenomenon took place!
On February 4, 2004, post the Facemash expulsion he launched a website called “TheFacebook” along with the help of his friends.
However, a week later he got into trouble again as Harvard seniors, Cameron Winklevoss, Tyler Winklevoss and Divya Narendra accused him of stealing their ideas for an intended social network website called HarvardConnection and of using their ideas for TheFacebook. They filed a lawsuit against Zuckerberg, but the matter was eventually settled out of court.
He dropped out of college to start his company as he was desperate enough to make it big!
Eduardo Saverin, Dustin Moskovitz, Andrew McCollum and Chris Hughes joined Mark Zuckerberg to help manage the growth of the website. In 2005, The company changed the site’s name from TheFacebook to just Facebook after purchasing the domain name facebook.com for $ 200,000. The same year, It received its first investment from PayPal Co founder, Peter Thiel.
Zuckerberg’s legal advisor, Napster Founder and Angel Investor, Sean Parker became Facebook’s president.
In 2005, Venture Capital firm Accel Partners invested a whopping amount $ 12.7 million in the company. It enabled the creation of a version of the network for high school students.
Facebook later expanded to other networks such as employees of companies. Followed by the success of Facebook, people loved the idea of connecting to their friends and family via the social networking website. The interface and features of Facebook were liked by everyone and soon it became the global social media phenomenon.
Facebook is a free social networking website that allows registered users to create profiles, upload photos and videos, send messages and keep in touch with friends, family and colleagues. The site is available in 37 different languages.
At the age of 23, Zuckerberg became the youngest billionaire in the world. By 2009, Facebook had now become the world’s most used social networking service.
Post the success of the website, In 2010, he signed a pledge, along with other wealthy businessmen, to donate at least half of his wealth to charity. Zuckerberg and his wife, Priscilla Chan, have donated $25 million toward fighting the Ebola virus and announced that they would contribute 99% of their Facebook shares to the Chan Zuckerberg Initiative to enhance lives through education, health, scientific research, and clean energy.
SoftBank To Sell Off Entire Stake In Flipkart
SoftBank Group Corp., a Japanese multinational conglomerate, is in talks to sell off its entire stake in Flipkart. In a recent announcement, SoftBank confirmed that it will sell its stake of 23.6 % in the e tailer giant Flipkart, post the Walmart acquisition.
SoftBank spokesperson stated, SoftBank confirms the sale of its entire stake in Flipkart to Walmart.
The CEO Masayoshi Son, said its investment in the Indian e commerce Flipkart, was worth around $ 4 billion. The SoftBank Vision Fund also invested $ 30 billion in startups, last year. At a recent press conference held in Tokyo, Masayoshi disclosed that SoftBank’s $ 2.5 billion stake in Flipkart which was picked up last year, would be now worth $ 4 billion if it chooses to exit the firm. As the SoftBank’s fund is registered in Jersey, USA, there is no Double Taxation Avoidance Agreement (DTAA) as a buffer. However, SoftBank has now decided to sell the stake and work out the tax issues. SoftBank was earlier in discussions as well in order to stay invested in Flipkart and delay the sale due to tax issues related to short term capital gains.
According to a source, Walmart’s price implies Flipkart’s operating losses over the 18 months starting in August would be close to $ 2 billion. The overall hit to Walmart’s earnings from the Flipkart deal, including Flipkart’s losses, will be between $ 2.5 billion and $ 2.7 billion.
In the next coming years, Walmart’s approach toward Flipkart’s financial activities is likely to be determined by its investors in the United States. However, Walmart’s stock fell by 4% on the day it announced the Flipkart acquisition.
The buzz is SoftBank is also looking forward to exploring other avenues since it is not willing to miss out on Indian e commerce industry. Walmart also claims that SoftBank’s decision of selling its stake in Flipkart, will not make a major difference to its future plans for Flipkart.
Amazon India Is Now Worth $ 16 Billion!
With a lot of mergers and acquisitions taking place in the business world, the United States based technology giant Amazon India, could be valued at $ 16 billion. This makes Amazon India, the second most valued e commerce in India followed by it’s rival, Flipkart. Citi Research revealed a report last week in which it said Amazon India is expected to reach $ 70 billion in gross merchandise volume (GMV) and $ 11 billion in net sales by 2027.
The acknowledgment took place a week after the international retail giant Walmart, announced that it will acquire Indian e tailer Flipkart, with a 77 % stake. Post the acquisition, India’s largest e tailer Flipkart, now values between $ 20 billion to $ 22 billion.
Jeff Bezos, the Founder of Amazon, dedicated a whopping $ 5 billion for Amazon India services. In a recent shareholder letter, Bezos said the subscription service Prime added more members in India than in any other country previously. Bezos added in the letter that Prime Video is investing in Indian content in a massive manner.
Citi’s senior analyst Mark May and Hao Yan also noted in the report,
We believe that the India ecommerce market will grow at a 21% CAGR over the next ten years to reach a mark of $ 202 Bn, that Amazon could capture 35 % of this market and that the company could generate more than $ 10 Bn in revenue and nearly $ 1.5 Bn in FCF (free cash flow) by 2027.
The present valuation of $ 16 billion makes Amazon worth more than 170 companies in the S&P 500, including Clorox, Macy’s and Tiffany & Co.
According to a report by investment bank Morgan Stanley, Indian e commerce market is ready to fasten at $ 30 billion and is expected to be worth $ 200 billion by the year 2026. With e commerce market in India booming at an amazing pace, Jeff Bezos definitely looks dedicated toward enhancing Amazon India’s infrastructure and growth by investing majorly in India.
Oracle Unknown Facts
Oracle’s ride to success has been fast, quick and inspirational. From being a data programming company to a power player in the cloud computing industry, Oracle has come a long way! While the company works at constantly repositioning itself with new inventions, here are a few facts you did not know about this cloud computing, multi faceted startup!
1. The beginning
The company was started as a result of an CIA project codenamed Oracle. Larry Ellison liked the name Oracle so much, he stole it after the project was completed! Ironically, Oracle was also the name of ITVs latest service in the 1970s and the 1980s! Unfortunately, the first version of the Oracle failed miserably.
2. The second version was an instant success
With the first version of the software being such a disaster, there were quite a few expectations riding on Ellison and his team. Ellison simply renamed the first version as Oracle Version 2. Written in assembly language for the DEC PDP 11, a mini computer popular at the time with businesses and academia, it contained 128KB of memory.
3. Oracle’s first customer
Oracle’s first customer was Wright Patterson Air Base. According to Oracle, this sale was the first commercial version of relational database software sold on the market. However, it wasn’t until Oracle 7 in 1992 when the company finally managed to pull away from its rivals!
4. Oracle came back from a bust
The pressure to grow, or at least appear to grow, was too high for Oracle. With so many mini Ellisons running around the place, the company started to fall to pieces. In fact, at one point, the company even thought of firing Ellison. Oops! However, they pulled through and clearly, they are now a force to be reckoned with!
5. Ray Len was Ellison’s key to success!
Did you know that Larry Ellison would not have become a millionaire if it weren’t for Ray Len? In 1992, structure officially came to be when Len joined Oracle. He was responsible for single handedly creating the founding stone for Oracle 7!
With Oracle on the brink of becoming a truly enormous superpower, it is definitely worth looking into some unknown facts about Oracle. Comment and let us know if we missed out on any facts about Oracle!
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