Facebook becomes fifth US company to hit $1 trillion
Social media giant, Facebook has hit $1 trillion market capitalisation following a dismissal of two antitrust lawsuits against the company due to lack of evidence.
Facebook’s stock closed higher on Monday at 4.2 percent at $355.64 per share with a valuation of $1.008 trillion making it the 5th US company to reach the milestone after Microsoft, Amazon, Apple, and Alphabet.
The rise came after a United States court dismissed complaints by the Federal Trade Commission and a group of state attorneys generals against the social networking company claiming it is exercising monopoly after the purchase of Whatsapp and Instagram.
In the ruling of the case, US District Judge James Boasberg in Washington dismissed the claim, as he explained that there was no proof to support their claim.
In a separate case, 46 state attorneys general formed a coalition to question Facebook’s purchase of WhatsApp and Instagram, claiming that the acquisition was a tactic to hinder competition from upcoming social-media rivals.
Dismissing the case, Boasberg said that social networking services are “free to use, and the exact metes and bounds of what even constitutes a (social networking) service, which features of a company’s mobile app or website are included in that definition.”
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 everyday to earn people’s time and attention and will continue to deliver great products for the people and businesses that use our services”