AppleInsider Staff
Facebook stock surpassed the mythical $1 trillion high-water mark for the first time on Monday after a pair of antitrust lawsuits were dismissed in federal court.
Shares of the social network finished up 4% at $355.64 at the close of trading, giving the company a market cap of just over $1 trillion.
Hours before trading was halted, a federal court granted Facebook's request to dismiss a U.S. Federal Trade Commission antitrust lawsuit. According to the judge, the FTC's complaint, which alleged Facebook maintains monopoly power over the social networking sector through illegal means, was "legally insufficient."
"FTC has failed to plead enough facts to plausibly establish a necessary element of all of its Section 2 claims — namely, that Facebook has monopoly power in the market for Personal Social Networking (PSN) Services," the judgment reads.
The case dates back to 2020, when the FTC and attorneys general from 48 states and territories lodged twin antitrust filings against the social networking giant. Among the suits' chief complaints was allegedly anticompetitive conduct related to acquisitions of competing services, specifically WhatsApp and Instagram.
The states' case was also dismissed on Monday in district court.
Facebook is among an elite group of tech companies to surpass the $1 trillion mark, following in the footsteps of Alphabet, Amazon, Apple and Microsoft, reports CNET.
Apple went on to become the first U.S. company to obtain a $2 trillion market cap in August 2020, and Microsoft recently reached that same milestone last week.
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13 Comments
The $1 Trillion market cap is ‘mythical’? Apple and Microsoft are at $2 Trillion. Nothing mythical about it. :#
It all began with a small sleazy college app that rated women's faces. A lot bigger now including the sleaze. Yuk.
Amazing that a company that doesn’t actually make something has such a high market cap. I wonder if congressional pressure will invalidate this court ruling.
I sometimes wonder if Mark Suckerburg is just really dumb, instead of the calculating villain I believe him to be. Because his answers are always such a combination of meaningless and clueless. "But senator, we collect the data because we have to."