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Breaking News Nigeria, Latest Nigerian News > Tech > Facebook hits $1TRN valuation
Tech

Facebook hits $1TRN valuation

Kehinde Sallah
Kehinde Sallah June 29, 2021
Updated 2021/06/29 at 1:58 PM
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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.

READ ALSO: Facebook bans former U.S President Donald Trump for 2 years

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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.”

- Advertisement -

“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”

TAGGED: Facebook valuation, nigeria today, nigeria today news
Kehinde Sallah June 29, 2021
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