01 / 12
2004
TheFacebook
Launched 4 February from Kirkland House, Harvard, by Mark Zuckerberg with Eduardo Saverin, Dustin Moskovitz, Andrew McCollum and Chris Hughes. Harvard email required.
The idea
The record
Scale is the only moat.
Facebook and Meta, as disclosed · METAx figures elsewhere on this page are illustrative
Accounts, July 2010: 500,000,000
Accounts, July 2010
The number that changed the category
Monthly actives, October 2012: 1,000,000,000
Monthly actives, October 2012
Eight years and eight months from a dorm room
IPO price, 18 May 2012: $38
IPO price, 18 May 2012
NASDAQ. The largest tech listing to that point
People using a Meta app daily: 3.4bn
People using a Meta app daily
Company-reported, 2025
Distributions
Seventy percent goes back out.
Every trade pays 2%. The program splits it on-chain: 70% to the payout wallet, which is emptied to holders pro rata in Meta stock, 30% to the team. Nothing here is a promise — every row below is a transaction you can open.
Outbound · TSNT3 holders
awaiting first round
Outbound transactions
On-chain · payout wallet AkoB…q5ZB| Time (UTC) | Recipient | METAx | Value | Tx |
|---|---|---|---|---|
| Reading the chain… | ||||
- Distributed to date
- —
- Holder payments
- —
- Rounds settled
- —
- Last round
- —
Live from Solana mainnet, refreshed every two minutes. TSNT3 is a rehearsal token; amounts are small by design.
Interstitial · Kirkland House, 02:14
Friendship was the interface. The list was the asset.
Two thousand faces on a closed campus, ordered by nothing but who already knew whom. Everything built since has been an argument about what that ordering is worth.
Twenty-two years of the graph
Harvard to a trillion dollars.
02 / 12
2005
The name
Expansion runs through Columbia, Stanford and Yale, then most of American higher education. The definite article is dropped and facebook.com is bought for $200,000.
03 / 12
2006
News Feed
Ranking replaces chronology on 5 September and users revolt against it within hours. Three weeks later registration opens to anyone over thirteen with an email address.
04 / 12
2008
Past MySpace
Facebook overtakes MySpace in global unique visitors. The incumbent had looked unassailable two years earlier.
05 / 12
2009
The Like button
One click becomes the atomic unit of preference, and the feed acquires a training signal that never stops arriving.
06 / 12
2010
Five hundred million
Announced in July. Scale itself is now the moat: the graph is the only one of its kind, and it cannot be rebuilt from outside.
07 / 12
2012
The listing
Instagram is bought in April for about a billion dollars. The IPO prices at $38 on 18 May. Monthly actives cross a billion on 4 October.
08 / 12
2014
The acquisitions
WhatsApp for roughly $19bn in February; Oculus for about $2bn in March. One buys the messaging layer, the other a bet on the next interface.
09 / 12
2018
The reckoning
Cambridge Analytica forces the question the product had deferred for a decade: what is the graph for, and who is permitted to read it?
10 / 12
2021
Meta
Renamed on 28 October. A company argues in public that its own future is a layer rather than an app, and the market is asked to price the argument.
11 / 12
2024
A trillion dollars
Market value passes $1tn as capital expenditure becomes the narrative and the graph is re-underwritten as a training set.
12 / 12
2026
METAx
The concept in this document: exposure to all of the above, cleared on-chain, in fractions, on a ledger that never closes. It does not exist.
Access · Kirkland House, 02:14
The list is short on purpose.
Everything gets posted before it gets explained. Build notes, attestation runs, the arguments that did not survive contact with a spreadsheet — all of it goes out in one place, in public.
No mailing list. No allocation. No exceptions.