Facebook hits $1 trillion valuation for first time

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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.

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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.

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