August 2012 - PopHistory.org

Facebook raises $16 billion in largest tech IPO in U.S. history

Year: 2012

Month Day: May 18

Facebook, the world’s largest social network, holds its initial public offering (IPO) and raises $16 billion. It was the largest technology IPO in American history to that date, and the third-largest IPO ever in the United States, after those of Visa and General Motors. At the time it went public, Facebook was valued at $104 billion and had some 900 million registered users worldwide.

Facebook was founded as TheFacebook in February 2004 by Harvard University sophomore Mark Zuckerberg and fellow classmates Chris Hughes, Eduardo Saverin and Dustin Moskovitz. The site originally was only for students at Harvard; however, it soon opened up to other universities. In June 2004, Zuckerberg moved Facebook to Palo Alto, California, and by the end of the year several Silicon Valley entrepreneurs had invested in the business and it had almost a million registered users. In 2005, Facebook (as it officially became known that year when “the” was dropped from its name) spread to American high schools and foreign schools, and the following year, anyone who was at least 13 years old was allowed to sign up. (Facebook always has been free to join; at the time of its IPO, the bulk of the company’s revenues came from advertising.)

As the site’s user base grew rapidly and its functionality expanded (the “news feed” was added in 2006 and the “like” feature in 2009), Facebook helped change how people communicate and share information. During the 2008 U.S. presidential race, Barack Obama used Facebook to build a following, especially among young voters, a constituency that helped him win the White House. Additionally, during the political uprisings in the Middle East that began in late 2010 and came to be called the Arab Spring, activists used Facebook (and other social media tools, notably Twitter) to share photos and videos of atrocities their governments were committing against citizens, and also to organize protest events.

In 2010, The Social Network, a feature film about the founding of Facebook, made its debut. The movie, which earned eight Academy Award nominations, chronicled the 2004 lawsuit filed by Cameron and Tyler Winklevoss and Divya Narendra, Harvard students at the same time as Zuckerberg, who claimed he stole the original idea for Facebook from them. Facebook countersued, and in 2008, the Winklevosses and Narendra agreed to a $65 million settlement from the company.

Facebook made the Dobbs Ferry, New York, native Zuckerberg, the son of a dentist, a billionaire. At the time of the company’s much-anticipated IPO on May 18, 2012, Zuckerberg was worth some $19 billion. However, despite all the fanfare surrounding Facebook’s IPO, its shares closed the first day of trading at $38.23, only slightly above the $38 IPO price, which many investors considered a disappointing performance.

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Barack Obama elected as America’s first Black president

Year: 2008

Month Day: November 04

On November 4, 2008, Senator Barack Obama of Illinois defeats Senator John McCain of Arizona to become the 44th U.S. president, and the first African American elected to the White House. The 47-year-old Democrat garnered 365 electoral votes and nearly 53 percent of the popular vote, while his 72-year-old Republican challenger captured 173 electoral votes and more than 45 percent of the popular vote. Obama’s vice-presidential running mate was Senator Joe Biden of Delaware, while McCain’s running mate was Governor Sarah Palin of Alaska, the first female Republican ever nominated for the vice presidency.

Obama, who was born in 1961 in Hawaii to a white woman from Kansas and a Black man from Kenya, graduated from Harvard Law School and was a law professor at the University of Chicago before launching his political career in 1996, when he was elected to the Illinois State Senate. He was re-elected to that post in 1998 and 2000. In March 2004, he shot to national prominence by winning the U.S. Senate Democratic primary in Illinois, and that July he gained further exposure when he delivered the keynote address at the Democratic National Convention in Boston, which included his eloquent call for unity among “red” (Republican) and “blue” (Democratic) states. That November, Obama was elected to the U.S. Senate in a landslide.

On February 10, 2007, in Springfield, Illinois, Obama officially announced his candidacy for president. A victory in the Iowa caucuses in January 2008 made him a viable challenger to the early frontrunner, Senator Hillary Clinton of New York, whom he outlasted in a grueling primary campaign to claim the Democratic nomination in early June 2008.

During the general-election campaign, as in the primaries, Obama’s team worked to build a following at the grassroots level and used what his supporters viewed as the candidate’s natural charisma, unique life story and inspiring message of hope and change to draw large crowds to his public appearances, both in the United States and on a campaign trip abroad. His team also worked to bring new voters—many of them young or Black, both demographics they believed favored Obama—to become involved in the election. Additionally, the campaign was notable for its unprecedented use of the Internet for organizing constituents and fundraising. According to The Washington Post: “3 million donors made a total of 6.5 million donations online adding up to more than $500 million. Of those 6.5 million donations, 6 million were in increments of $100 or less.”

In terms of campaign issues, Obama pledged to get the United States out of the war in Iraq and expand health care, among other promises. A crushing national financial crisis in the months leading up to the election shifted the country’s focus to the economy, and Obama and McCain each attempted to show he had the best plan for economic improvement.

On November 4, more than 69.4 million Americans cast their vote for Obama, while some 59.9 million voters chose McCain. (Obama was the first sitting U.S. senator to win the White House since John F. Kennedy in 1960.) Obama captured some traditional Republican strongholds (Virginia, Indiana) and key battleground states (Florida, Ohio) that had been won by Republicans in recent elections. Late that night, the president-elect appeared before a huge crowd of supporters in Chicago’s Grant Park and delivered a speech in he which acknowledged the historic nature of his victory (which came 143 years after the end of the American Civil War and the abolition of slavery): “If there is anyone out there who still doubts that America is a place where all things are possible, who still wonders if the dream of our founders is alive in our time, who still questions the power of our democracy, tonight is your answer…It’s been a long time coming, but tonight, because of what we did on this date in this election at this defining moment, change has come to America.”

Obama was inaugurated on January 20, 2009. On November 6, 2012, he defeated Republican challenger Mitt Romney to win a second term in the White House. He left office in January, 2017.

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Steve Jobs debuts the iPhone

Year: 2007

Month Day: January 09

On January 9, 2007, Apple Inc. CEO Steve Jobs unveils the iPhone—a touchscreen mobile phone with an iPod, camera and Web-browsing capabilities, among other features—at the Macworld convention in San Francisco. Jobs, dressed in his customary jeans and black mock turtleneck, called the iPhone a “revolutionary and magical product that is literally five years ahead of any other mobile phone.” When it went on sale in the United States six months later, on June 29, amidst huge hype, thousands of customers lined up at Apple stores across the country to be among the first to purchase an iPhone.

In November 2007—by which point more than 1.4 million iPhones had been sold—Time magazine named the sleek, 4.8-ounce device, originally available in a 4GB, $499 model and an 8GB, $599 model, its invention of the year. The iPhone went on sale in parts of Europe in late 2007, and in parts of Asia in 2008. In July 2008, Apple launched its online App Store, enabling people to download software applications that let them use their iPhones for games, social networking, travel planning and an every growing laundry list of other activities. Apple went on to over 10 updated models of the iPhone.

The iPhone helped turned Apple, which Jobs (1955-2011) co-founded with his friend Stephen Wozniak in California in 1976, into one of the planet’s most valuable corporations. In 2012, five years after the iPhone’s debut, more than 200 million had been sold. The iPhone joined a list of innovative Apple products, including the Macintosh (launched in 1984, it was one of the first personal computers to feature a graphical user interface, which allowed people to navigate by pointing and clicking a mouse rather than typing commands) and the iPod portable music player (launched in 2001), that became part of everyday modern life.

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