With its membership exceeding 250 million, Facebook might pose a challenge to Google, Twitter, PayPal and other Web leaders by upgrading its search engine, developing an online-payments service and adding such features as FriendFeed, which allows users to search for and share content across blogs and social-networking sites. "People only do so many things on the Web," said Jeffrey Rayport of Marketspace. "There are a lot of companies that would like to own that set of activities."

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