Facebook Warning: You are not logged in. Your IP address will be publicly visible if you make any edits. If you log in or create an account, your edits will be attributed to your username, along with other benefits.Anti-spam check. Do not fill this in! === 2012β2013: IPO, lawsuits, and one billion active users === {{Further|Initial public offering of Facebook}} In March 2012, Facebook announced App Center, a store selling applications that operate via the website. The store was to be available on [[iPhone]]s, [[Android (operating system)|Android]] devices, and for mobile web users.<ref>{{cite news|url=https://www.bbc.co.uk/news/technology-18017379|title=Facebook app store launches amid mobile revenue worries|date=May 10, 2012|work=[[BBC News]]|access-date=July 21, 2018|archive-date=November 25, 2018|archive-url=https://web.archive.org/web/20181125010222/https://www.bbc.co.uk/news/technology-18017379|url-status=live}}</ref> [[File:Facebook on Nasdaq.jpeg|thumb|Billboard on the [[Thomson Reuters]] building welcomes Facebook to NASDAQ, May 2012.]] Facebook's [[Initial public offering of Facebook|initial public offering]] came on May 17, 2012, at a share price of US$38 (${{formatprice|{{Inflation|US|38|2012}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}). The company was valued at $104 billion (${{formatprice|{{Inflation|US|104000000000|2012}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}), the largest valuation to that date.<ref name="fb-104">{{cite news|first1=Mark|last1=Milian|first2=Marcus|last2=Chan|title=Facebook's Valuation: What $104 Billion Is Worth|url=https://www.bloomberg.com/slideshow/2012-05-17/facebook-s-valuation-what-104-billion-is-worth.html|access-date=January 11, 2014|newspaper=[[Bloomberg News|Bloomberg]] Technology|date=May 18, 2012}}</ref><ref>{{cite web|last=Kerr|first=Dara|title=Facebook stock hits a record high, since IPO|url=http://news.cnet.com/8301-1023_3-57600166-93/facebook-stock-hits-a-record-high-since-ipo/|work=C{{!}}Net News|publisher=C{{!}}Net|access-date=August 27, 2013|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015308/https://www.cnet.com/news/facebook-stock-hits-a-record-high-since-ipo/|url-status=live}}</ref><ref>{{cite news|url=https://www.latimes.com/business/la-fi-facebook-pricing-20120518,0,3426310.story|archive-url=https://web.archive.org/web/20120518023059/http://www.latimes.com/business/la-fi-facebook-pricing-20120518%2C0%2C3426310.story|archive-date=May 18, 2012|title=Stakes are high on Facebook's first day of trading|first1=Andrew|last1=Tangel|first2=Walter|last2=Hamilton|date=May 17, 2012|work=[[Los Angeles Times]]|access-date=May 17, 2012|url-status=dead }}</ref> The IPO raised $16 billion (${{formatprice|{{Inflation|US|16000000000|2012}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}), the third-largest in U.S. history, after [[Visa Inc.]] in 2008 and [[AT&T Wireless]] in 2000.<ref name="NYT517">{{cite news|url=https://dealbook.nytimes.com/2012/05/17/facebook-raises-16-billion-in-i-p-o/?hp|title=Facebook Raises $16 Billion in I.P.O.|first1=Evelyn M.|last1=Rusli|date=May 17, 2012|work=[[The New York Times]]|access-date=May 17, 2012|first2=Peter|last2=Eavis|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015240/https://dealbook.nytimes.com/2012/05/17/facebook-raises-16-billion-in-i-p-o/?hp%20|url-status=live}}</ref><ref name="USN517">{{cite news|url=https://www.usnews.com/news/business/articles/2012/05/18/questions-and-answers-on-blockbuster-facebook-ipo-3|title=Questions and answers on blockbuster Facebook IPO|first=Bernard|last=Condon|date=May 17, 2012|work=[[U.S. News & World Report]]|access-date=May 17, 2012|agency=[[Associated Press]]|archive-date=October 18, 2020|archive-url=https://web.archive.org/web/20201018112326/https://www.usnews.com/news/business/articles/2012/05/18/questions-and-answers-on-blockbuster-facebook-ipo-3|url-status=live}}</ref> Based on its 2012 income of $5 billion (${{formatprice|{{Inflation|US|5000000000|2012}}}} in {{Inflation-year|US}} dollars{{inflation-fn|US}}), Facebook joined the [[Fortune 500]] list for the first time in May 2013, ranked 462.<ref>{{cite news|url=https://www.usatoday.com/story/money/business/2013/05/06/facebook-fortune-500-2013/2139223/|title=Facebook squeaks onto the Fortune 500|newspaper=[[USA Today]]|date=May 6, 2013|access-date=May 19, 2013|first=Matt|last=Krantz|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015309/https://www.usatoday.com/story/money/business/2013/05/06/facebook-fortune-500-2013/2139223/|url-status=live}}</ref> The shares set a first-day record for trading volume of an IPO (460 million shares).<ref>{{cite news|url=http://online.wsj.com/article/BT-CO-20120518-710783.html|archive-url=https://web.archive.org/web/20120524053446/http://online.wsj.com/article/BT-CO-20120518-710783.html|archive-date=May 24, 2012|title=Facebook Sets Record For IPO Trading Volume|date=May 18, 2012|work=[[The Wall Street Journal]]|access-date=May 18, 2012|url-status=dead }}</ref> The IPO was controversial given the immediate price declines that followed,<ref name="yahoo 134021024">[https://web.archive.org/web/20120528230445/https://finance.yahoo.com/news/facebook-shares-fall-valuation-doubts-134021024.html Facebook shares fall valuation doubts]. Yahoo! Finance</ref><ref name="forbes 2012/05/20">[https://www.forbes.com/sites/billsinger/2012/05/20/tepid-honeymoon-of-facebook-and-nasdaq-does-not-deliver-the-big-bang/ Tepid honeymoon of Facebook and NASDAQ does not deliver the big bang] {{Webarchive|url=https://web.archive.org/web/20201121193228/https://www.forbes.com/sites/billsinger/2012/05/20/tepid-honeymoon-of-facebook-and-nasdaq-does-not-deliver-the-big-bang/ |date=November 21, 2020 }}. forbes.com</ref><ref name="yahoo 133648905">{{cite news|url=https://finance.yahoo.com/blogs/daily-ticker/facebook-bankers-secretly-cut-facebook-revenue-estimates-middle-133648905.html|title=Facebook Bankers Secretly Cut Facebook's Revenue Estimates in Middle Of IPO Roadshow|first1=Henry|last1=Blodget|date=May 22, 2012|work=[[Yahoo! Finance]]|access-date=December 14, 2014|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015253/https://finance.yahoo.com/blogs/daily-ticker/facebook-bankers-secretly-cut-facebook-revenue-estimates-middle-133648905.html%20|url-status=live}}</ref><ref>[http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/05/22/BU3K1OLCV5.DTL Facebook IPO underscores shutting out the masses] {{Webarchive|url=https://web.archive.org/web/20120604063228/http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/05/22/BU3K1OLCV5.DTL |date=June 4, 2012 }}. sfgate.com</ref> and was the subject of lawsuits,<ref>{{cite web|title=Listing of Recent Securities Lawsuits Filed Against Facebook|url=https://www.docketalarm.com/search/dockets/?q=facebook+morgan+stanley&f=nos_exact-850+Securities%2FCommodities|archive-url=https://web.archive.org/web/20131019163905/https://www.docketalarm.com/search/dockets/?q=facebook+morgan+stanley&f=nos_exact-850+Securities%2FCommodities|url-status=dead|archive-date=October 19, 2013|access-date=July 19, 2013}}</ref> while SEC and FINRA both launched investigations.<ref>{{cite news|url=https://finance.yahoo.com/blogs/breakout/fury-over-facebook-ipo-grows-lawsuits-mount-150039330.html|title=Fury Over Facebook IPO Grows, Lawsuits Mount|first1=Matt|last1=Nesto|date=May 23, 2012|work=[[Yahoo! Finance]]|access-date=December 14, 2014|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226015302/https://finance.yahoo.com/blogs/breakout/fury-over-facebook-ipo-grows-lawsuits-mount-150039330.html%20|url-status=live}}</ref> Zuckerberg announced at the start of October 2012 that Facebook had one billion monthly active users,<ref name="One billion users" /> including 600 million mobile users, 219 billion photo uploads and 140 billion friend connections.<ref name="Billion statistics" /> On October 1, 2012, Zuckerberg visited Russian Prime Minister [[Dmitry Medvedev]] in Moscow to stimulate social media innovation in Russia and to boost Facebook's position in the Russian market.<ref>{{Cite news |last=Kramer |first=Andrew E. |date=October 1, 2012 |title=Zuckerberg Meets With Medvedev in a Crucial Market |language=en-US |work=[[The New York Times]] |url=https://www.nytimes.com/2012/10/02/technology/zuckerberg-meets-with-medvedev-in-key-market.html |access-date=April 4, 2023 |issn=0362-4331 |archive-date=April 4, 2023 |archive-url=https://web.archive.org/web/20230404084719/https://www.nytimes.com/2012/10/02/technology/zuckerberg-meets-with-medvedev-in-key-market.html |url-status=live }}</ref><ref>{{Cite news |last=Elder |first=Miriam |date=October 1, 2012 |title=Facebook's Mark Zuckerberg meets excited Russian prime minister |language=en-GB |work=[[The Guardian]] |url=https://www.theguardian.com/world/2012/oct/01/facebook-mark-zuckerberg-russia-prime-minister |access-date=April 4, 2023 |issn=0261-3077 |archive-date=April 3, 2023 |archive-url=https://web.archive.org/web/20230403193404/https://www.theguardian.com/world/2012/oct/01/facebook-mark-zuckerberg-russia-prime-minister |url-status=live }}</ref> Summary: Please note that all contributions to Christianpedia may be edited, altered, or removed by other contributors. 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