Facebook Returns To Its Roots
In 2004, 19 year old Mark Zuckerberg launched "TheFacebook" from his Harvard dorm room after about a week of coding.
"Everyone's been talking a lot about a universal face book within Harvard," Zuckerberg said. "I think it’s kind of silly that it would take the University a couple of years to get around to it. I can do it better than they can, and I can do it in a week."
Since then, Facebook has amassed billions of users and become one of the world's largest companies with a market capitalization of nearly $800 billion.
Yesterday, Facebook went back to square one with the introduction of Facebook Campus, which is a college-only space designed to help students connect with fellow classmates over shared interests.
"In the early days, Facebook was a college-only network, and now we're returning to our roots with Facebook Campus to help students make and maintain these relationships, even if they're away from their college," Facebook said.
Facebook Campus will be located in a dedicated section within the Facebook app and contain a college profile that's different from the user's Facebook profile. Just like in the original Facebook, students must provide a college email and graduation year to sign up. Students can then connect with each other and discover events and groups specific to their university.
Key features of Facebook Campus include Campus-only News Feed for news and updates, Campus directory to find classmates by class, major, year and more, and Campus Chats, which enables students to create real-time chat rooms.
"We wanted to create a product where it was easy for classmates to meet each other, foster new relationships and also easily start conversations," Facebook Campus Product Manager Charmaine Hung said. "And we really think that Campus is more relevant than ever right now. With COVID-19, we see that many students aren't returning to campus in the fall. Now, classes are being held online and students are trying to react to this new normal of what it's like to connect to clubs and organizations that you care about, when you're not together."
Facebook Campus has been rolled out to a handful of colleges in the U.S. Harvard was notably absent from the list of schools getting a first look.
With the launch of Facebook Campus, Facebook has now officially come full circle in less than 20 years.
Lawyers are the winner here. After saying it will walk away from a deal to acquire Tiffany, prompting Tiffany to file a lawsuit in an attempt to force the deal to close, LVMH now says it will sue Tiffany in response. In its lawsuit, LVMH will challenge the way Tiffany management ran the company amid the pandemic, such as by paying out dividends, as well as say it can't close the deal because the French government's intervention and Tiffany's attempt to delay the deal. "LVMH was surprised by the lawsuit filed by Tiffany against the group," LVMH said. "LVMH will defend itself vigorously."
Citigroup announces new CEO. Citigroup CEO Michael Corbat will retire in February and will be replaced by retail banking chief Jane Fraser, making her the first female CEO of a major U.S. bank. "Citi CEO Michael Corbat announced that, after 37 years at Citi, including the last eight years as CEO, he plans to retire from Citi and step down from its board in February of 2021," Citibank said. "The board selected Jane Fraser, currently Citi's President and CEO of Global Consumer Banking, to succeed him as CEO in February, and she has been elected to the board, with service beginning immediately."
Kansas City Southern rejects takeover. Kansas City Southern has rejected a $20 billion takeover offer from Global Infrastructure Partners and the infrastructure arm of private-equity giant Blackstone Group. Kansas City Southern, which is the smallest of five major U.S. freight railroads, reportedly turned down the $208 per share bid after previously refusing a bid below $200 per share. The two sides are not currently in discussions.
Amazon to host career day. Amazon will hold a virtual career day on September 16 as it looks to fill more than 30,000 jobs in the U.S. Each job will have a minimum pay of $15 per hour as well as health benefits, parental leave and upskilling opportunities. "We are glad to be able to mobilize more than 1,000 experienced recruiters and HR professionals to help job seekers across the country learn about opportunities at Amazon and elsewhere," Amazon HR chief Beth Galetti said.
102-carat diamond to hit auction block. Sotheby's will auction a 102-carat diamond that is expected to sell for between $10 and $30 million, which would make it the most expensive jewel ever sold to an online bidder. The 102.39-carat D Colour Flawless Oval Diamond will be only the eighth flawless white diamond of more than 100 carats to ever be auctioned. "One hundred-carat diamonds as a rule are exceedingly rare," head of Sotheby's jewelry department Quig Bruning said. "One hundred-carat D flawless are even more rare."