Facebook is now part of the elite ranks of companies that are valued at over a trillion dollars. As of today’s closing market, Facebook has a market cap of $1.008 trillion as reported by Yahoo Finance. Facebook has crossed the mark for the first time in the company’s history.
Facebook’s most notable divisions are the Facebook site, Messenger, Instagram, WhatsApp, and Oculus. Facebook is the only $1 trillion valued US tech company founded in the 2000s in the list of companies who have achieved the same. This makes it the newest or the youngest member of the elite ranks.
Facebook shares gained 4.2% in Monday’s rally. A big reason for this was the dismissal of the FTC’s case against them. The federal judge on the case opted to dismiss the antitrust case that the Federal Trade Commission had brought against Facebook. Here, the dismissal’s main reason was the FTC’s inability to provide enough evidence to back up the argument against the social-media giant.
FTC’s case was to unwind Facebook’s acquisition of Instagram and WhatsApp. They accused Facebook to be creating social networking monopoly. Upon dismissal, the federal judge has given the FTC 30 days to file an amended version of the suit.
Well if they do file an amended suit or not, is up to the FTC. But Facebook sure gained largely from this suit. The company has also been reportedly working on a Smartwatch to reenter the consumer products market. The future of Facebook surely seems bright!