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Social website Facebook is a phenomenon but its ambition to dominate the business networking arena may be a link too far, says Barry Mansfield.

Since he started Facebook in his Harvard dorm room in 2004, each year has seemed more surreal for 23-year-old Mark Zuckerberg. In 2006 he was offered almost €700m for the social networking site by Yahoo an incredible sum that he, even more incredibly, turned down.

In the past 12 months, Facebook (www.facebook.com) users have quadrupled to around 40 million. Employees and revenues have trebled while the site increased its ranking from 60th to seventh most visited worldwide. Oh, and Microsoft recently spent €170m buying a 1.6% stake in Facebook, which values the company at an incredible €10.6bn. Added to the mix is the ongoing legal action from brothers Cameron and Tyler Winklevoss, who accuse Zuckerberg of stealing the source code, design, and business plan for the fledgling networking site they worked on together several years ago.

Early social networking sites were all about teenagers sharing drunken party pics