Tech Companies

Facebook Inc.

The latest news about Facebook Inc.

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Overview
Culture
Recruiting
Facts & Resources
Subsidiaries & Divisions
Competitors

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Overview

Facebook Inc. operates the world's largest social networking Web site, with approximately 600 million users around the globe. Founded by Harvard University undergraduate Mark Zuckerberg in 2004, the company remains privately held, backed by prominent venture capital firms and by Microsoft Corp., which invested $270 million in it in 2007 in exchange for some exclusive Internet advertising rights. In early 2011, Facebook raised $500 million after an investment by Goldman Sachs in a deal which values the social networking site at $50 billion. Most industry watchers expect Facebook to go public, and some rumor it could be as soon as 2012, but the company hasn't provided a firm timetable for such a move.

The company generates revenue by selling advertising on its site, selling access to its members' information, and through Facebook Credits, an electronic currency that members use to buy virtual goods. Facebook takes a 30% cut of every such currency transaction.

Facebook is on the hunt for acquisitions and in 2009 considered buying microblogging site Twitter Inc., but the two companies couldn't agree on financial terms.

The social network has faced sustained criticism of its privacy practices and has several times bungled its rollout of new features that give third-party Web sites access to Facebook user data. U.S. lawmakers have pressured the firm to simplify its privacy policy and to stop sharing such data automatically, which could harm Facebook's ability to turn a profit. A judge approved a $9.5 million settlement of a federal class-action lawsuit over alleged privacy violations.

Culture

Facebook has a casual culture that abhors suits and ties. Employees at its Palo Alto, Calif. campus have access to free meals, dry cleaning, photo processing and even leather repair. Full-time regular employees with children age five or under are eligible for a child care reimbursement at up to $3,000 per year. Eligible employees receive stock options.

Founder Mark Zuckerberg, known as Zuck, has a reputation for being a demanding boss. According to The Wall Street Journal, one engineer in an internal memo called "Working with Zuck," said it is unwise to "expect acknowledgment for your role in moving the discussion forward; getting the product right should be its own reward."

The company has a corporate blog and employees pen blogs as well. You can watch its videos on You Tube. And yes Facebook has a Twitter account.

Recruiting

Facebook is hiring across the board and recently opened locations in Seattle, Texas and India. The interview process is rigorous and includes tests. The company actively recruits undergraduate, graduate and Ph.D. students for full-time positions and summer internships.