The Founder and CEO of Facebook, Mark Zuckerberg (former Harvard student) says that he’s going to create an ecosystem exactly mirroring the real world, on the Facebook platform. The core of this modeling would be “social graph” in Facebook, which keeps track of everyone on the network with their connections to each other. If every user updates how, when, and where that user knows every other friend, it totally reflects real world connections. The “social graph” has been removed recently, presumably for further development.

There has been rumours about possible sale of Facebook to other social networking websites but Mark Zuckerberg says that it’s never going to happen. Recently Microsoft has bought 1.6% of Facebook worth over US$ 240 million. According to Microsoft they are the exclusive third-party advertising partner for Facebook, and would begin to sell advertising for Facebook internationally in addition to United States. You could read details about it in Microsoft PressPass.

Facebook also has opened a launched a fund called FbFund dedicated to giving out grants to third party application developers. Mark Zuckerberg announed this on a 45 minute interview with Michael Arrington held at TechCrunch40 Conference.The size of the fund is US$ 10 million, each grant anywhere between US$ 25 to US$ 250 thousand. They welcome any developers to send proposals for applications which would be reviewed by an advisory board.

With big dreams, unique platform, several thousand applications developed and yet more to come, 250 thousand new users daily, and 7th most visited website on the internet, what do we extrapolate? This all happened in just about 3 years.

This link would take you to the video recoding of the interview.