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Users can add other users as "friends", exchange messages, post status updates, share photos, videos and links, use various software applications ("apps"), and receive notifications of activity.Additionally, users may join common-interest user groups organized by workplace, school, hobbies or other topics, and categorize their friends into lists such as "People From Work" or "Close Friends".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.
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.
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.
Microsoft's purchase included rights to place international advertisements on the social networking site.
Since 2006, anyone who claims to be at least 13 years old has been allowed to become a registered user of Facebook, though variations exist in the minimum age requirement, depending on applicable local laws.
The Facebook name comes from the face book directories often given to United States university students.