On Monday, social media giant Facebook has become the fifth US firm to join the $1 trillion market cap. Not only that but Facebook also the youngest to reach the $1 trillion mark.
How Facebook Reached a $1 Trillion Cap?
On Monday, a US federal judge gave judgment in favor of Facebook against the Federal Trade Commission and a group of state attorneys general. They complained against the monopoly of the social media giant.
U.S. District Judge James Boasberg said on Monday that the lawsuits lack evidence. Based on submitted documents, no decision can be against Facebook. The ruling dismisses the complaint but not the case, meaning the FTC could refile another complaint.
As soon as this decision became public, Facebook share saw a surge of 4.2% to close at $355.64 per share. It helped the firm to cross the $1 trillion market cap. As per Yahoo Finance report, at Monday’s closing, the Facebook Market cap was around $1.008 trillion.
Recently, Facebook has pushed its boundaries further by launching audio rooms and podcast support on its platform. It is also bringing more audio features in the coming months.
The Facebook firm is a social media leader with platforms like Instagram, WhatsApp, Facebook, etc.
Facebook is the Youngest to Reach $1 Trillion
On Monday, Facebook has joined the league of Apple, Microsoft, Amazon, and Alphabet who have already crossed the $1 trillion mark. Among all, Facebook is the youngest to do so.
Facebook started its public listing in May 2012. At that time, its market cap was $104 billion.
This year was a roller coaster ride for Facebook. It got caught up in a lot of negative news. Experts blamed the firm related to privacy issues. The company was also blamed for interfering in the election campaigns. US court also made the firm responsible for a riot organized by Trump supporters.
Despite all that, Facebook continued its growth exponentially. Compare to last year, it earned more money from advertising and added more users.
Overall, the Facebook stock surged by 30% in 2021. As per the Facebook report, the first quarter of the current year helped the firm to earn a lot of revenue.
Facebook is also starting e-commerce operations to expand its operations further. In March, Facebook had 2.85 billion monthly users, on average. It is a 10% surge compared to last year.