Facebook hits a milestone
Facebook hits a milestone
2:00

Facebook hits a milestone

Tech Industry
-What started 10 years ago in a Harvard dorm room with Mark Zuckerberg and a few friends has grown into this, the largest social network in the world headquartered on a sprawling Silicon Valley campus, employing 6,000 plus people and connecting 1.23 billion users worldwide. Despite a shaky 2012 initial public offering, the stock is now trading around $60, putting the estimated net worth of 29-year-old CEO Mark Zuckerberg around $30 billion. Not bad for a college dropout whose story was made into an award-winning movie. -People wanna go on the internet and check out their friends-- -The company has succeeded where competitors like Friendster and MySpace failed. -They were not afraid to just kind of rip everything out and rebuild. You know, they did that a bunch of times with these radical redesigns. -But constant facelifts for Facebook may not be enough to retain younger users who are increasingly turning to other social media sites. According to a new iStrategyLabs study, there are 3 million fewer teens on Facebook than there was in 2011. -Not as big a deal as it used to be. Mostly had an Instagram and Snapchat and stuff like that. -Facebook's $1 billion purchase of Instagram at 2012 hinted where the company is heading in the coming years. The focus will be heavily on mobile including the creation of standalone apps like the new Paper app. -The idea is to give the user an experience that they wouldn't maybe even think of as Facebook. This is an original Harvard Facebook made of real paper. It's filled with student's photographs, names of high schools, and home addresses. It was also the inspiration behind Mark Zuckerberg's multibillion dollar website, one that he presumably hopes to attract a billion more faces in the next decade. In San Francisco, I'm Kara Tsuboi, CNET.com for CBS News.

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