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.
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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.”
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“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”