What started as a concept in a college dorm as a means to connect people in an online community has become a multi-billion dollar business. Just six years and 500 million friends later, Facebook founder Mark Zuckerberg is now the youngest billionaire in history.

The social networking site now valued at $50 billion dollars. Recently, the company raised $500 million from Goldman Sachs and a Russian investment firm, according to the New York Times.

The staggering figures comes to light as the popular social networking website continues to make improvements in hopes of improving users' experiences.

Just last month, the social networking website launched a new profile upgrade, designed to make it easier for you to share your information with others and learn more about your Facebook friends.

The new profile includes a row of recently tagged photos of you. It also highlights where you're from, where you went to school and where you work.

You can also highlight the friends who are important to you and create new groups of friends of feature existing friends lists. All your interests and experiences are now represented with images. You can list everything from your favorite musicians and sports teams to classes you took in school.

The new profile also includes a new "infinite scroll" feature, designed to make it faster and more fun to browse your photos. It even gives you the chance to find people you're looking for by searching their name, hometown, school or another category.

If you haven't upgraded your profile yet, read more about it here.

The profile upgrade comes on the heels of criticism over Facebook's privacy policies. The site recently tightened its privacy settings after user's personal information was disseminated without users' knowledge or permission.

Do you think Facebook is worth was it's reportedly valued at? Have you upgraded your profile to the new format? Do you like the changes? Leave your thoughts below.