Facebook share price: social network giant opens office in Cambridge

on Nov 8, 2013
Updated: Oct 21, 2019

iNVEZZ.com, Friday, November 8: Facebook Inc (NASDAQ:FB) reported yesterday that it is opening an office in The Boston area, setting up a team to work on infrastructure projects in areas including storage, networking, security, and language runtimes. The office will be located in Kendall Square, Cambridge, just a couple of miles from where the world’s largest social networking website was founded some nine years ago.

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In yesterday’s trading Facebook shares declined 3.2 percent to close at $47.56 on the Nasdaq. The stock rose 0.5 percent to $47.79 in today’s pre-market as of 11:00 UTC.
**Starting small**
Facebook Boston will become the company’s fifth engineering team along with Menlo Park, Seattle, New York and London, Ryan Mack, who will lead the team, wrote in a statement. The office will provide a permanent home for several Facebook employees in the Boston area, including Mack, who has been working remotely from coffee shops, co-working spaces and libraries. The team will also be looking to hire local talent.

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Facebook didn’t provide details on the size of the office, or on how many employees it plans to hire, but Mack noted that the team will start small”.
**Growing tech community**
Mack explained that choosing Boston to host Facebook’s new office was easy, because of its strong tech community.
“In many ways, Boston was an easy choice. The tech community here is world-class, from the incredible academic institutions to the vibrant startup ecosystem to the bevy of global companies who have teams here. We are thrilled to have found a new home here and hope we can help the community continue to thrive,” he said.

The Kendall Square neighbourhood in Cambridge is at the heart of that booming tech community and is already hosting offices for other software giants Amazon.com Inc (NASDAQ:AMZN)and Twitter Inc (NYSE:TWTR).

According to Cathy Wissink, director of technology community engagement at Microsoft Corp.’s Innovation & Policy Center in Cambridge, Facebook’s return is another piece of evidence about the strength of the local tech community.

“It really speaks to the strength and diversity of the broader Boston tech community that a company like Facebook is coming in,” she said, as quoted by The Boston Globe. “The tech industry as a whole benefits when there are more voices in the conversation.”
**As of 12:12 UTC buy Facebook shares at $47.64**
**As of 12:12 UTC sell Facebook shares at $47.60**
Trade these shares now through Hargreaves Lansdown from £5.95 per deal.
Prices can go up and down meaning you can get back less than you invest. This is not advice. Dealing services provided by Hargreaves Lansdown.
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