Facebook, the world’s biggest social media platform, hit $1 trillion in market capitalization at the close of trading Monday.
Facebook is the fifth U.S. company to reach the milestone of $1 trillion after Apple, Amazon, Microsoft, and Alphabet (Google parent company).
Facebook shares rose 4.2 per cent Monday to $355.64, the highest in two months after a court in U.S. dismissed two complaints filed last year by the U.S Federal Trade Commission.
The U.S. FTC in December sued Facebook for anti-competitive behaviour, arguing that the company’s huge size has resulted in consumer harm including reduced product quality.
James Boasberg, a judge at the US district court for the District of Columbia, according to Bloomberg said on Monday that the FTC failed to meet the burden for establishing that Facebook has a monopoly in social networking.
The agency has 30 days to refile the complaint outlining its argument regarding Facebook’s market dominance.
In April, Facebook said its revenue in the current quarter will remain steady from the first quarter, it’s sales expanded 48 per cent to $26.2 billion.
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