Facebook hits $1trn market value for the first time in its history - United African Reporter's

Facebook hits $1trn market value for the first time in its history

Mark Zuckerberg

Facebook, social media giant, hit over $1 trillion in market capitalisation on Monday — first time in its history.

The social media company’s stock closed 4.2% higher by close of trade on Monday at $355.64 per share and a market cap of $1.008 trillion.

Facebook becomes the fifth US company to reach the $1 trillion milestone after Microsoft, Amazon, Apple, and Alphabet.

Its shares rose after a US court dismissed two antitrust lawsuits against Facebook due to the lack of evidence that the company is a monopoly.

The lawsuits were filed by the United States Federal Trade Commission (FTC), and a coalition of 48 states and counties in December 2020.

The plaintiffs alleged the company has a monopoly over personal social networking after its purchases of WhatsApp and Instagram.

James Boasberg, a judge at the US district court for the District of Columbia, ruled that the FTC failed to provide sufficient evidence to back up the allegation.

“The FTC’s complaint says almost nothing concrete on the key question of how much power Facebook actually had, and still has, in a properly defined anti-trust product market,” Boasberg said.

“It is almost as if the agency expects the court to simply nod to the conventional wisdom that Facebook is a monopolist.”

The FTC has 30 days to file an amended complaint outlining its argument regarding Facebook’s market dominance.

In a separate order dismissing the states’ case, Boasberg said the states were barred from bringing their claim case because they waited too long to file a suit challenging Facebook’s 2012 purchase of Instagram and its 2014 acquisition of WhatsApp.

“The States’ long delays were unreasonable and unjustified as a matter of law. Both acquisitions were, per Plaintiffs’ allegations, publicly announced, and the States were thus aware or certainly should have been aware of them from those points onward,” the judge ruled.

Reacting to the development, Facebook, in a statement, said: “We are pleased that today’s decisions recognize the defects in the government complaints filed against Facebook.”

“We compete fairly every day to earn people’s time and attention and will continue to deliver great products for the people and businesses that use our services.”

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