MARK ZUCKERBERG – the youngest billionaire on the earth who is the founder and CEO of the social networking site FACEBOOK that has nearly 1 billion active users monthly.This social networking site has changed everything by providing the most importanct opportunity to people around the world to let them connect to their friends and families.Facebook is not olny limited to connection and communication with people but it also make everyone to join their relatively favorite fan pages and intrests groups.This site also has a huge database of profiles of many peoples that is exceeding today’s most popular dating sites as well as it provides the opportunity to many to get engaged to your second half ha ha.
HE was born on May 14,1984 and grew in the streets of Dobbs Ferry,New York.He’s the only male child in his family with his three sisters named Arielle,Randi and Donna. His father, Edward Zuckerberg is a dentist and his mother Karen Zuckerberg is a psychiatrist.Mark’s father does his dental practice in his dental clinic next to their family house.Mark and his three sisters,Arielle,Randi and Donna were raised by their parents in Dobbs Ferry, New York.
Mark is always interested in programming languages from his childhood when he was in his elementary school.Mark got his first PC Quantex 486DX on the Intel 486 when he found out that the world is divided among programmers and users.Mark Zuckerberg was taught the programming language named Atari BASIC by his father when he was only 12 years old and using the language he created a messenger named “ZuckNet”.This messenger helped him to connect all the computers to each other and transfer messages between house and office computers.His father installed this software on his computer and whenever a new patient arrives , the receptionist get him know about the upcoming patient.Mark also loved developing games and communication tools as he do it for fun and loved them to develop more.He was also provided private computer lessons by a hired computer tutor named David Newman by his father.
Also in the beginning of his high school , he wrote an artificially intelligent Synapse for media player that helps in recognizing one’s taste in different genre of music related to one’s type.Microsoft and AOL seek their interest in this Synapse but the young talent rejected their corporation decision to work in top IT industries and thousand of dollars.He just uploaded it for free to Microsoft.
Later on he studied at the Academy of Phillips Exeter and showed up with good results in science and literature, receiving a degree in the subjects.Yet Mark stayed in fond of coding and waned to work upon developing new software’s.
After graduating in 2002 , he entered the Harvard University, where he wrote a program named ‘CourseMatch’ which helped other students choose those subjects related to their taste and hence made him popular among others in his college by his second year.
Later on in 2003, when he was suffering from insomnia he got an idea to create a site called ‘FaceMash‘ in which he uploaded the Hardvard database and hacked all the images uploaded by the students of the university and wrote a program which provides other students of the university to choose among two random female students putting next to each other asking ‘Who is hotter?’.
The site was visited by most of the students and the number increased rapidly due to which the server overloaded and crashed as the number of visitors exceeded the limit and he was appeared in front of the committee on computer hacking and recieved a disciplinary action.This activity caused a storm in the society and he was noticed by Divya Narendra, Co-Founder of Harvard Connection who want him to work upon his idea of creating a social networking site that uses Hardvard email address as the main username for login.The job provided to Mark Zuckerberg is program the site and creating a special source codethat makes the loading and working as fast as possible.The project was named as Harvard Connection later on named as ConnectU on which members can post their personal photos,information and useful links.
After agreeing to work for Narendra and Winklevoss twins( other partners) he got an idea of creating his own social networking site.
On 04 February, 2004 Mark registered the domain name TheFacebook.com now known as Facebook.com functioned only on Harvard connection.
Later on ,after the registration of 4000 users, Mark Zuckerberg and his partner Eduardo Saverin added Darren Moskowitz as their new programmer, who opened the service of the site to the students at Columbia University,Standford and Yale.At that time Mark owns 503.6 million shares which makes him the controller of 60% of te site votes.Eduardo consists of 35% and the rest 5% is given to Moskowitz.Later on Chris hughes, a friend of Mark joined the site and assigned the job of Press attache of the site.
As the Facebook become more and more successful, Mark started looking towards investors.Peter Thiel , one of the founders of PayPal is the first investor who allocated $500,000 dollars and was the sufficient amount for Facebook.In less than a year the site was joined by 1 million people and hence increasing the amount of investment for the site.Further investment is made by Accel Partners amounting $12.7 million dollars and followed by Greylock Partners investing an amount of $27.5 million dollars. By 2005 facebook is accessible to all students of all institutions and universities in USA, but further on the demand of this site increased exponentially.
As the demand of Facebook grew rapidly its audience grew rapidly but the nee of monetizing is still needed.
The main instrument decided was the content advertising , as they taught it will be much of interest to audience but doesn’t attract the required number of audience.When the audience reached the number 50 million, large companies showed their interest in buying the project.At one time Yahoo! offered 900 millions to Mark , unable to satisfy him hence he rejected their offer.
Lawsuits against Mark Zuckerberg and Facebook
After six days of the launch of the Facebook, twin brothers Camreon and Tyler Winkelvoss and Divya Narendra claimed that they hired Mark to make the same idea named as ‘HarvardConnection.com’ but stole their whole god damn idea.According to them, Zuckerberg doesn’t provided them the desired result and used their original source code to create Facebook. At the same time they also launched their site ConnectU and continued attacking Mark Zuckerberg. Then he showed up the relevant information which explains that Facebook doesn’t have any relation to their site and code used, but one of Harvard student John Thomson acclaimed that Zuckerberg stole one of his ideas for his site, which was published in newspaper apparently offending Mark Zuckerberg.
When the Winklevoss twins and Narendra filed against Mark, court rejected their appeal but they again filed another lawsuit in which the source code of Facebook is checked in order to see what is stolen.The answer remained still unclear.Finally in 2009, Mark Zuckerberg decided to pay them a amount of $45 million as a part of court settlement in which $20 million was given in cash and the other in Facebook shares.By that time Facebook boosted the amount of users to 150 million.Due to this increase , the twins again filed a petition but got rejected because their lawyer Jerome Falk said them that they do not have the right to resume the petition after signing the settlement agreement.
Bill Gates on Facebook
In 2007 Microsoft acquired 1.6% equity shares of Facebook at an impressive amount of $240 million dollars,on whose basis the total value of Facebook reached the amount at a peak of $ 15 billion dollars, which is a game changer for Mark.After completion of this deal Bill Gates made an account on the site, but decided to close his account for the time being due to rapidly increasing of willing users to have chat with him.Bill Gates provided a PR campaign for Facebook that provides him an advertising agreement through social networking site by 2011.
Money Made By Facebook
The net income reached to $1 billion in 2011 creating a turnover of $3.71 billion by the fastest growing industry.
85% of the cash flow comes through basic contextual ads on the pages of the site.More the number of people adding new accounts and more the time they spend on the site , more the revenue generated by the advertisements.The rest 15% is made through purchases done by the Facebook payment system for virtual goods like purchasing goods for the popular games running on the site.
It was estimated that the global turnover for virtual goods reached an amount of $7 billion by 2010 and will hit the mark of $ 15 billion by 2014.
In the beginning of 2013 the company realized that additional revenue can be generated by charging additional revenue for sending private messages to the users not in the friend list at a rate of $1 dollar and as a result the message goes directly to their inbox instead of others.Later on they realized that some of the users are worth $1 dollar like if anyone wants to send a private message to Mark Zuckerberg, they have to pay an amount of $100 dollars for this exclusive option.
Times magazine, in 2010 named him as the Person of the Year 2010, the founder,CEO of Facebook.
According to the TIME, no one else can achieved so much success in the past years in the world and due to his increased popularity David Fincher shot a movie based on the creation of the site named ‘The Social Network’ in 2010 in which the main role is played brilliantly by Jesse Eisenberg.
Later on in 2010, Forbes magazine declared Mark Zuckerberg as the youngest billionaire in the world with the net state of $4 billion dollars.
In 2012, Forbes magazine placed him at 36th place among top 400 peoples among the world richest with an estimate amount of $9.4 billion.
Currently he owns a house in Palo Alto which features 5 bedrooms, a saltwater pool and 5000 square feet of property estimating it at an amount of $7 million.
Mark Zuckerberg’s wife – Priscilla Chan ( married on 19 may 2012) living happily together.
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