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Essay / The youngest billionaire Mark Zuckerberg
Elliot Zuckerberg is one of the founders of Facebook. He was born on May 14, 1984 and raised in New York, Dobbs Ferry. He is the only boy in his family. His father, Edward Zuckerberg, was a dentist and owned his own dental center. His mother, Karen Zuckerberg, was a psychiatrist and worked before her children were born. Mark Zuckerberg studied at Phillips Exeter Academy. There he showed high results in different subjects and activities, but he was always interested in coding and creating new programs. He has made a name for himself in software development and some companies want him to join them. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essayMark was already curious about programming in elementary school. His father taught him Atari Basic programming and thanks to him, Mark used this program and created a messenger called "ZuckNet". When he created this messaging app, he was around 12 years old and it was considered his first and one of his biggest achievements. This program connected different computers and allowed them to transfer messages between each other using this application. Mark is good at not only creating these types of programs, but also developing games. I watched a movie about him called "Social Network" made in 2010. In that movie he said he developed games and gave them away for free to Microsoft, because he was just doing it for fun . In high school, Zuckerberg worked for Intelligent Media Group to create a music player called Synapse Media Player. The device used machine learning to learn the listening habits of a user who was submitted to Slashdot and received a score of three out of 5 on PC Magazine. In 2002, after graduating from Phillips Exeter, Mark Zuckerberg entered Harvard University. His most successful years began at this university, when he lived in residence halls. I will write about his life at Harvard and how he created Facebook during his student years through the movie I watched about him. In this university, there were many students from different rich families and Mark called them the cream of the society. They joined various clubs, hobby groups, etc. Mark wanted to make a program to draw their attention to him. In 2003, one summer evening, after breaking up with his girlfriend, Mark was drunk and suffering from insomnia in his dorm room. He decided to create a program in which all the photos of students from different Harvard dorms could be found. According to the film, he asked his friend to tell him the algorithm he used before. He hacked into the Harvard archives, downloaded all the photos, and using that algorithm, he created a program called FaceMash. He had a lot of problems with the administrators. This program took two photos of female students, placed them next to each other and allowed the user to compare them by clicking on one of them. For just four hours, almost 450 students clicked on this program, and due to exceeding the limit, the Harvard server shut down. Mark Zuckerberg was accused of hacking and, of course, no one said "Good job!" » to him and he received an academic distance of six months. Although it was a problem for him, through this program Mark had noticed that there was a huge interest in this type of thing in society. History of Facebook After creating FaceMash, Mark was already known at Harvard and Divya Narendra, co-founder of Harvard Connection, and his two partners, Tyler and Cameron Winklevoss, decided towork with him to create a social network that for Harvard Students. In conversation with Mark, Divya Narendra explained that they wanted to create a program where students could share their photos, personal information and some useful links. The only thing needed was to create a program and create special code that would make the system work as quickly as possible. After meeting them, Mark decided to join them and started working on Harvard Connection. While working on this, he discovered a fantastic idea for his own social network. In February 2004, Harvard student Mark Zuckerberg and two of his roommates created Facebook as an alternative to the Harvard Directory. It differed from other sites because initially only Harvard students with a ".edu" email address could sign up. The domain name was TheFacebook.com, now known worldwide as Facebook.com. Mark noticed that people were interested in people they knew in real life. Facebook allowed them to meet up, communicate online and have fun together. It was something new. “Add me on Facebook” was the most used word at Harvard in the first few weeks. Less than a month after the site launched, nearly three-quarters of Harvard students had signed up. “Facebook spread quickly and in June 2004; it served about 30 colleges and more than 150,000 users” (“Facebook Stares Down Success,” Fortune Magazine, November 28, 2005). Facebook Scandals However, Facebook has faced many scandals after becoming famous among people. Twin brothers Cameron and Tyler Winklevoss and their friend Divya Narendra accused Mark Zuckerberg of stealing the idea to create the site. As shown in the film, they claimed that in 2003, Mark Zuckerberg was hired to help them complete the social network Harvard Connection.com. According to them, Zuckerberg did not respond to their emails and always postponed interviews with them saying that he was busy and that he never elaborated on the results of their work, but used the source code original to create Facebook. Mark Zuckerberg has always maintained that he never used the same codes to create Facebook. He said he took the idea, improved it, and created his own program, but didn't use a single one of the codes his partners gave him. The same year, Narendra and the Winklevoss twins launched their own renowned network, ConnectU. Additionally, they continued to pressure Mark Zuckerberg, complaining about the Harvard administration and the Harvard Crimson newspaper. Initially, Mark Zuckerberg didn't know what was going to happen and urged journalists not to publish articles on this topic. He showed them all the documents that were proof of what he had done for Harvard Connection, the printed responses he had written to them, and explained to them that these developments were not related to Facebook. However, very unexpectedly, another Harvard student – John Thomson – began saying in personal interviews that Zuckerberg had stolen one of his ideas for Facebook. Subsequently, the newspaper decided to publish these complaints, which greatly offended Mark Zuckerberg. All these conversations were also shown in the film. Zuckerberg took revenge on the Harvard Crimson. According to Silicon Alley Insider, in 2004, he broke the mailboxes of two Harvard Crimson journalists, using Facebook. It discovered the users involved in the log and looked through their data (i.e. history) entering incorrect passwords. Zuckerberg's expectations were met: two newspaper employees attemptedcasually log into Facebook with their mailbox passwords. Silicon Alley Insider wrote that Zuckerberg was lucky: he had the chance to read the conversations about him between the editorial staff and Harvard Connection. The Winklevoss twins and Narendra filed a lawsuit against Mark Zuckerberg, but the court rejected their claim. They didn't give up and started another trial. This time, the court looked at the sources of the codes to understand whether they were actually stolen or not. However, the truth was still unclear and even in the film it was not depicted. The results of the examination have not been declared. In 2009, Zuckerberg agreed to pay $45 million ($20 million in cash and the rest in Facebook stock) to ConnectU in order to close the deal. At that time, ConnectU had fewer than 100,000 users, Facebook had around 150 million. The Winklevoss twins have not yet calmed down and again took action before the United States Court of Appeals, but they were denied a new trial. According to Jerome Falk, the court participated in reviewing the settlement agreement and declared that the members of the case did not have the right to continue the proceedings. According to the consultant, the decision was illegal because Mark Zuckerberg had been misinformed about the company's value in 2008 during an affair. On May 17, 2011, Cameron and Tyler Winklevoss filed another lawsuit against Facebook owner Mark Zuckerberg with the United States Supreme Court. It was the twins' latest attempt to get the court to reexamine the case. However, neither in the stories nor in the film was there any information about the end of the trial. However, probably Mark paid money for them to close the case or he agreed to their partnership on Facebook. The signup of many users was unexpected for Mark and his partner, investor and friend, Eduardo Saverin. After noticing that the number of registrations on Facebook was increasing day by day, they decided to hire new programmers. One of them was Mark's neighbor, Darren Moskowitz, who opened the Facebook service to students at Columbia University, Stanford and Yale. At that point, Mark decided to drop out of college and moved to California to work at Facebook full-time. (Cassidy, “Me Media.”) Around the same time after the IPO, Zuckerberg owned 503.6 million shares. Zuckerberg now controls nearly 60% of the company's votes, with 35% going to Eduardo Saverin and 5% to newcomer Moskowitz. Another friend of Mark's, Chris Hughes, was named Facebook's press secretary. (Mark Zuckerberg, “Success story of Facebook Founder”, astrumpeople.com) Some time later, registrations were opened to all students. The main thing was the availability of an email address in the .edu zone, which also indicated a person's belonging to the educational sector, without depending on the type of university. “The site has been expanded to more than 800 university networks in the United States” (Facebook, “Company Timeline”, Facebook newsroom). It must be said that at the beginning, it worked quite well. The project attracted public attention. When a user registered, they had to add detailed information about themselves and, in addition to the email address in the .edu zone, they were asked to add a real profile photo. If people used different photos instead of real ones, their profiles were deleted. Facebook became more popular and grew quickly, so Mark already needed new investors. To finance it, Mark received the first investment from Peter Thiel, co-founder of PayPal. He hasinvested $500,000 and this amount was enough for Facebook's needs. However, Facebook evolved quickly and to continue its development, more investors were needed. In May 2005, Facebook raised an additional $12.7 million from Accel Partners and Thiel, at an estimated valuation of $100 million. Eleven months later, the company secured another $27.5 million from Greylock Partners, Meritech Capital Partners, Accel and Thiel for an estimated valuation of around $500 million. (Cassidy, “Me Media.”) By 2005, every student had access to Facebook at every college and university in the United States. However, Mark realized that not only students, but also all people other than students were interested in this social network. This is why he decided to make registration accessible to everyone in September 2006, and this is how the “Facebook epidemic” began. In 2007, the biggest thing happened on Facebook. Microsoft acquired a 1.6% stake in Facebook for an impressive $240 million. Based on this, several analysts have estimated that Facebook's total value is as high as $15 billion. Quite good results for the company, whose revenues do not exceed $200 million per year. After the deal, Bill Gates created an account on Facebook. He spent several hours a day communicating via Facebook with everyone, but after a while decided to close his account for a while, because there were too many people willing to chat with him. Physically, he wasn't able to talk to each of them. However, Gates led a major public relations campaign for Facebook around the world. This is especially important for Microsoft, given that it had an exclusive advertising deal with the social network until 2011. Day-to-day Facebook The main key attribute Zuckerberg acquired was his creativity. This is a person who can easily draw conclusions from what he hears. Based on the movie I watched, that's what I decided. One day his friend came to him and asked him about a girl he liked who he didn't know whether or not she had a boyfriend. After that, Mark decided to add the “Relationship” part in Facebook. In 2005, Facebook added photo sharing features, which allowed all users to share their photos with their friends. In 2006, Facebook also added a News Feed, which showed what your friends were doing. For example, if someone shared a photo, became friends with another person, or updated a status, each of their friends saw this news on their main Facebook page. In 2011, Mark added “Facebook Timeline” which showed all the information about a person. If someone wanted to know something about one of his friends, he would enter his timeline and see all the activities, which he would add to his Facebook. When Facebook began to become a part of life, privacy issues were considered more essential. Facebook has created tools that allow users to manage their privacy. Users can limit the visibility of their status updates, photos, and personal information. Even they could group their friends and choose when shared information was shared. In 2009, Facebook changed some privacy tools, allowing users to see others' photos, status updates, activities, and even friends lists, which was previously the case. private per user. Due to these problems, Facebook did not pay a fine in 2009, but was warned of a fine of 16,000dollars per day in the event of a future violation. In 2007, Facebook also allowed businesses to create their own pages and encourage Facebook users to “like” them. After liking a page, users can see company updates, photos, and videos in their News Feed. This helped a company advertise its products and attract public attention. In May 201, Facebook created Sponsored Posts, in which the page owner could pay to distribute their content to a wider audience. These posts were called “Sponsored” and the original poster allowed you to see how many people had seen that post. Facebook Acquisitions Mark Zuckerberg is a great entrepreneur who can always choose the best for his business. His strategy is known throughout the world. Instead of being a competitor to a company, he prefers to buy it and integrate it into Facebook. In April 2012, he made Instagram a subsidiary of Facebook, paying $1 billion in cash and stock. It was an iOS application developed by Mike Krieger and Kevin Systrom. After acquiring Instagram, the application is now also available on Android OS. In March 2014, Facebook completed the acquisition of Oculus Rift for $2 billion. Oculus Rift is a virtual reality hardware designed by the Oculus VR company led by Palmer Freeman Luckey. In October 2014, Mark Zuckerberg finalized the purchase of WhatsApp for $22 billion. Facebook paid $4.59 billion in cash and 177,760,669 shares of the company's stock. WhatsApp is an instant messaging application founded by Jan Koum and Brian Acton in 2009. How Facebook Makes Money In 2013, Facebook's revenue was $7.87 billion and net profit was estimated at $1.5 billion. Growth rates have also been spectacular: in three years, turnover has increased sixfold. Facebook's core revenue comes from sponsored ads on the social network's pages. The number of users is increasing day by day and they spend a lot of time on Facebook, this time spent on the site is converted into revenue. 85% percent of the revenue generated last year the company earned through this advertising. There is a famous game among Facebook users called Farmville, developed by Zynga. This game is played via Facebook. In order to earn points in Farmville, you need to purchase virtual goods, like vegetables, fruits, etc. These purchases represent the remaining 15% of revenue. Although it seems unimportant, virtual goods are a widely used activity, and Facebook's reports have endorsed it. The company calculated that in 2010, revenue generated by virtual products reached $7 billion, and in 2014 it was estimated at $15 billion. At the beginning of January 2013, Facebook began to manage received messages. As everyone knows, Facebook helps people make new friends. To write to a person you don't know, you have to pay 1 dollar. After paying this money, your message will be directly sent to that person's inbox, instead of others. Later, Mark Zuckerberg decided that some people were worth more than the dollar. For example, if you want to send a message directly to Zuckerberg's inbox, you will have to pay $100. This is another way to increase your income. Nowadays, Facebook is the most used social media and almost everyone already had an account on this social networking site. Everyone uses Facebook to stay in touch with family, friends, colleagues and even to meet new people on Facebook. In addition, it is easy..