Facebook, founded in 2004, became accessible to users over 13 in 2006 and reached 1 billion active users by October 2012, with half logging in daily and spending over 700 billion minutes per month on the platform. The document also discusses key features such as the News Feed, which displays stories from people and pages the user follows, and the Timeline, where users can post and share content. Privacy settings can be managed through the audience selector when posting.