Facebook hits $1 trillion market capitalization
The social network giant is riding high.
- I've been covering technology and mobile for 12 years, first as a telecommunications reporter and assistant editor at ZDNet in Australia, then as CNET's West Coast head of breaking news, and now in the Thought Leadership team.
Facebook rose to a worth of more than $1T after a favorable federal court decision.
Facebook has passed the $1 trillion in market capitalization mark for the first time ever. The social network giant hit $355.64 per share and a market cap of around $1.008 trillion by close of trade Monday.
Facebook stock rose by over 4% after a federal court dismissed an antitrust lawsuit against the social media company earlier Monday. The Federal Trade Commission's 2020 antitrust lawsuit had alleged Facebook used illegal anticompetitive practices to maintain a monopoly in social networking. A judge found the FTC did not provide enough evidence that Facebook holds a monopoly power, however.
A similar lawsuit was dismissed Monday by a US District Court. That antitrust suit was filed by 48 attorneys general in December 2020 against Facebook.
Facebook is the fifth US company to surpass $1 trillion in market value, according to CNBC, following Microsoft, Apple, Amazon and Alphabet.