Facebook, founded by Mark Zuckerberg on Feb. 4, 2004, started as a Harvard-exclusive social network. Quickly expanding to other universities, it became available to the public in 2006. Facebook was initially a platform for students to connect, share and build social networks, but its user-friendly design and rapid expansion led to its global dominance, fundamentally reshaping how people interact online.
In 2019, Facebook unveiled a white paper outlining its Libra stablecoin project. However, faced with intense regulatory scrutiny, the project underwent a name change to Diem in December 2020. Despite these efforts, the initiative was eventually terminated in January 2022. This development marked a significant setback for Meta’s cryptocurrency and digital payment ambitions.
Facebook, the company that owns platforms including Facebook, Instagram and WhatsApp, rebranded as Meta on Oct. 28, 2021. Meta is dedicated to constructing the metaverse, a virtual space combining augmented reality (AR) and virtual reality (VR) experiences. This transformation showcases Meta’s forward-looking approach, aiming to redefine online interactions, work and socialization beyond conventional social media platforms.