Social Networking, a Phenomenon

With the onset of the 21st century, erupted a boom in the web space with the surfacing of social networking sites. 11 years into the 21st century, we can now find a plethora of them. Earlier, limited to either photo sharing or talking about hobbies or discussing business, these sites have now spanned all of them under one common frame. They have on offer a vast pool of knowledge, an amazing network of like-minded people, and a potential to spark a revolution if need persists (courtesy: Egypt uprising).

With the emergence of social networking sites, grew the business side of it as well, and over time, the business world also got engulfed in the web created by social networking. Having said about business dealings, the top social networking sites namely, Facebook and Twitter have been involved in transactions with some of the top notch tech companies of the world.

Goldman Sachs putting in $500 million into Facebook with a deal valuing the social networking giant at a mammoth $50 billion, just laid testimony to the ever growing stature of these sites. With this Goldman Sachs have purchased the rights to IPO for facebook, and will hold the benefit as and when facebook hits Wall Street. With this deal, facebook IPO will be the most valued initial public offering by any company so far. This deal could double the personal wealth of the facebook founder Mark Zuckerburg, who seems to have become a common name, reports Dealbook.

This deal grabbed eyeballs for the whopping amount that GS was willing to shell out to get bits of the king of social networking. To add to this, Microsoft invested $240 million in facebook owing 1.6% shares of the company. Microsoft won this battle against Google and Yahoo, on 24th October, 2007, to land itself some part in the coveted deal.

Having talked about facebook, another deal that rests in the pipeline revolves around Twitter, another networking giant that seems to have taken the world in its grasp with only 350 odd employees, and over 175,000,000 registered users, ever since its launch in July, 2006. Twitter, lately has grown to become a platform to discuss brands. For the ones aspiring to be entrepreneurs, there is no better place where one can find details about all the domains with expert help and guidance. For the gadget frenzies, it has been a paradise over the years, and with the viral marketing, people now don’t have to switch to their televisions, and don’t have to visit markets, when Twitter does that bit quite convincingly and promisingly.

With Twitter realizing its true value, it turned down an offer when facebook desired to acquire it for half a billion dollars. However, the world’s best search engine Google does aim to acquire twitter for the exceptional platform it has provided. Google does realize the worth of twitter as a help to the Google search engine. Though twitter insiders reveal that the deal is in its early stages, and Twitter CEO Evan Williams said that he won’t sell twitter (to Google) even for a billion dollars. However, twitter did sell blogger to Google, 7 years back.

With the growing nexus of top tech companies and top social networking sites, the world is bound to see some more mergers and acquisitions. However, it’s better to wait for the air over the Twitter-Google deal to clear. On a personal front, I believe that it’s only going to be good for the world as a whole if such nexus continues, because not only will the services of the involved parties improve, the competition might bring out more innovations waiting to be unearthed.

Animesh Ganguly

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