Facebook hits $1 trillion valuation for first time

Must read

Governor Lalong Meets UNIJOS Pro-Chancellor, Prof. Jega, Assures Of Enhanced Security

Governor Simon Bako Lalong of Plateau State has met the Pro-Chancellor University of Jos, Prof. Attahiru Jega with an assurance that the...

NAPTIP reunites two trafficked children with their parents

The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) has reunited two trafficked children with their parents. The...

NRC Suspends Abuja-Kaduna Train Service Over Attack

The Nigeria Railway Corporation (NRC) has suspended train services on the Kaduna-Abuja route following the bombing of the rail tracks.

Nnamdi Kanu: IPOB gives conditions to dialogue with FG

The Indigenous People of Biafra, IPOB, on Thursday gave the President Muhammadu Buhari-led Federal Government conditions for dialogue. IPOB’s...

Social media giant, Facebook, has hit a $1 trillion valuation, following a dismissal of two antitrust lawsuits against the company.

Facebook’s stock closed higher on Monday at $355.64 per share which contributed to the trillion-dollar valuation, Business Insider reported.

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.

The FTC has claimed that Facebook is exercising monopoly as the social media giant controls over 60% of the social-networking market.

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.”

The dismissal of both cases led to a 4.2% rise in Facebook’s stock, leading to a $1 trillion value.

As a result, Facebook, which was co- by Mark Zuckerberg in 2004, became the youngest and fifth US company to reach the 13-digit milestone.

Other companies that have crossed the milestone include Apple, Microsoft, Amazon, and Google parent company, Alphabet.

Copyright DAYBREAK.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from DAYBREAK NEWS.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Governor Lalong Meets UNIJOS Pro-Chancellor, Prof. Jega, Assures Of Enhanced Security

Governor Simon Bako Lalong of Plateau State has met the Pro-Chancellor University of Jos, Prof. Attahiru Jega with an assurance that the...

NAPTIP reunites two trafficked children with their parents

The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) has reunited two trafficked children with their parents. The...

NRC Suspends Abuja-Kaduna Train Service Over Attack

The Nigeria Railway Corporation (NRC) has suspended train services on the Kaduna-Abuja route following the bombing of the rail tracks.

Nnamdi Kanu: IPOB gives conditions to dialogue with FG

The Indigenous People of Biafra, IPOB, on Thursday gave the President Muhammadu Buhari-led Federal Government conditions for dialogue. IPOB’s...

Court Watches Video Of 14-Year-Old Girl Allegedly Defiled by Baba Ijesha

The Lagos State Sexual Offences Court sitting in Ikeja has watched the video of the 14-year-old girl allegedly defiled by Nollywood actor...