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Facebook Grows Up
At 19, Mark Zuckerberg came up with a new way for college kids to connect—and started an online revolution. Now 23, he's trying to build out his business without losing its cool.
 Felix Sockwell for Newsweek |
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Aug. 20-27, 2007 issue - On Tuesday, July 31, Shara Karasic's world came to a temporary halt. Facebook was down. She could not follow the fortunes and foibles of her friends. She could not see if any photos had been posted that were tagged as including her. She could not even know if anyone had "poked" her (which is not a sexual act, but just a little cozier way of saying "hey, you" online). Even though she had the entire Internet to entertain her and connect her, she felt the loss. "Over the course of those four hours," Karasic says, "I probably tried to get in five or more times."
This would not be surprising if Karasic were a college student. Facebook is as much a part of campus as finals, iPods and beer—the contemporary equivalent of jamming several people into a phone booth is squeezing one's entire social life onto a series of photo shows, news feeds, invitations, friend requests and status updates on the spare blue-and-white grid of a Facebook page. Nor would it be remarkable if she were in high school, where millions of Facebook users, feeling very much like their big brothers and sisters in college, log on as soon as they toss their books on the bed, forming outrageously named groups and moving their lunchroom cliques and locker-room gossip online. Shara Karasic, however, is 40 years old, a Santa Monica, Calif., working mother with a young son. Despite a suspicion that the site was only for college students, she signed on a year ago and found professional people like herself; she quickly got requests to be "friended" from two 40-year-old cousins. And on July 31, when she couldn't get in for a few hours, she realized something: "I'm addicted to Facebook."
Addictions like hers bring joy to the already bursting hearts of the geeky, soon-to-be-loaded executives of Facebook, the hottest tech start-up in Silicon Valley since Sergey and Larry made us feel lucky. Everyone knows that Facebook is the online hangout of just about every college student in the nation as well as the inevitable source of photos of nominees for the Supreme Court in 2038 cavorting in their underwear as youths. But the student population is only a beachhead in the vast ambitions of Facebook. Its people claim that more than half its 35 million active users are not college students, and that by the end of this year less than 30 percent of Facebook users will sport college IDs.
Anything goes in the spirited Facebook world. Just about everybody updates his or her status line with pithy, haiku-ish and often profane precision. For only a dollar you can send a friend a "gift"—an image of a cute item like a polka-dot thong, a champagne glass or sushi. Thousands of groups form daily: sufferers of cancer, conjunctivitis or bad taste. People who scale public buildings in Princeton. Supporters of every politician imaginable. Facebook last year took down the student-only sign and instituted an open-enrollment policy. The idea is that as more people do this—and invite their friends to join the fun—there will be a mass movement to access the world through the interests of, and interests in, the people you know personally. Karel Baloun, an engineer who worked at Facebook until last year, recalls vividly the baldly stated prediction of one of the company's cofounders: "In five years," he said, "we'll have everybody on the planet on Facebook."
That's far from a given: just because older people sign up, there's no evidence yet that it's ubiquitous in their lives the way Facebook is in the school world. Nonetheless, "Facebook has emerged as the 'it' service and company ... It represents the next logical progression," says former AOL CEO Steve Case (via the messaging system on Facebook, where Case has been digitally hanging out of late; he's even friended Bill Gates). Mark Zuckerberg, the 23-year-old Harvard dropout who started the site, is high tech's new prince. Having turned down a reported $1 billion offer from Yahoo last year—and enduring the taunts of bloggers who predicted that he'd rue the day—Zuckerberg in May took Facebook in a new direction: he opened up the Web site to thousands of developers, who can now unilaterally install applications designed to take advantage of Facebook's people connections. This, along with an astonishing growth rate of 3 percent a week, has triggered a Facebook mania in the Valley. Early investor Peter Thiel, who sits on Facebook's board, believes that a measly billion dollars for this 300-person company spread over three buildings in downtown Palo Alto, Calif., is a risible sum. Instead, he compares Facebook's current price tag to that of MTV, which he values at about seven or eight billion bucks. "Between the two, I'd want to own Facebook," he says. Not that it's for sale. Thiel and other Facebook folk are now talking about an IPO in perhaps two years that would almost certainly be the biggest public offering since Google.
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