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In March 2011, it was reported that Facebook was removing approximately 20,000 profiles every day for violations such as spam, graphic content, and underage use, as part of its efforts to boost cyber security. Finance website reported that Facebook's lead underwriters, Morgan Stanley (MS), JP Morgan (JPM), and Goldman Sachs (GS), cut their earnings forecasts for the company in the middle of the IPO process.It was believed that adjustments to earnings estimates were communicated to the underwriters by a Facebook financial officer, who used the information to cash out on their positions while leaving the general public with overpriced shares.Microsoft's purchase included rights to place international advertisements on the social networking site.
In recent years, the company has faced intense pressure over the amount of fake news, hate speech and violence prevalent on its services, all of which it is attempting to counteract Zuckerberg wrote a program called "Facemash" in 2003 while attending Harvard University as a sophomore (second year student).The founders had initially limited the website's membership to Harvard students; however, later they expanded it to higher education institutions in the Boston area, the Ivy League schools, and Stanford University.Facebook gradually added support for students at various other universities, and eventually to high school students as well.Facebook is an American online social media and social networking service company based in Menlo Park, California.The Facebook website was launched on February 4, 2004, by Mark Zuckerberg, along with fellow Harvard College students and roommates, Eduardo Saverin, Andrew Mc Collum, Dustin Moskovitz, and Chris Hughes.These started as group pages, but a new concept called company pages was planned.On October 24, 2007, Microsoft announced that it had purchased a 1.6% share of Facebook for 0 million, giving Facebook a total implied value of around billion.Zuckerberg told the Crimson that "Everyone’s been talking a lot about a universal face book within Harvard.[...] I think it’s kind of silly that it would take the University a couple of years to get around to it.(an exchange for privately held companies' shares), Facebook's value was billion.The company had slightly surpassed e Bay to become the third largest American web company after Google and