Facebook (FB) to Launch Financial Services

Shares of Facebook Inc. (FB) were up +0.73 or +1.25 percent in pre-market trading on Monday, after the company announced over the weekend that it would seek approval from Irish regulatory authorities to provide financial services to its customers. The social network is looking to offer remittances and electronic money initially. Facebook stock closed at $58.53 per share, down -0.63 or -1.06 percent in Fridayâ s regular trading session.

Menlo Park, California based Facebook was founded in 2004 by Zuckerberg and four roommates from Harvard. The original social networking service was started for Harvard students but subsequently expanded to other colleges in the Boston area, eventually allowing anyone claiming to be over the age of 13 to become registered users. The company now has over a billion users worldwide and customers can upload unlimited photos, share links and video and communicate with each other through the premier social networking site. Facebookâ s application with the Irish central bank will authorize the company to become an â

Published on Apr 14, 2014
By Jay Hawk
Jay Hawk
Jay Hawk enjoyed a 12-year professional financial markets career incorporating extensive first hand futures and options experience obtained by trading in the stock, commodity and forex markets on U.S. exchanges. Since retiring as a full-time financial market professional, he has been actively trading stock, commodities, forex and options for his own account and managing funds for others, as well as writing financial market commentary and educational articles.

Copyrighted 2016. Content published with author's permission.

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