Social Media

Facebook surpasses $1 trillion m-cap for the first time

Our Bureau Mumbai | Updated on June 29, 2021

FILE PHOTO: Facebook logo   -  REUTERS

This makes the social media major the fifth US company to hit the milestone

The market capitalisation of US tech giant Facebook crossed $1 trillion for the first time on Monday, June 28.

The company hit an m-cap of $1.01 trillion. Facebook’s shares closed at $355.64 on Monday, up to $14.27 or 4.18 per cent.

This makes the social media major the fifth US company to hit the milestone, alongside Apple, Microsoft, Amazon and Google-parent Alphabet.

Also read: Facebook to publish interim compliance report as per IT rules on July 2, final report on July 15

Some of the tech giant’s most notable divisions include Facebook itself along with Messenger apart from photo-sharing platform Instagram, messaging service WhatsApp, and portal video calling device Oculus.

The company recorded this milestone alongside the dismissal of a lawsuit by the Federal Trade Commission that sought to spin off Instagram and WhatsApp services.

The lawsuit was filed by the US government and 48 States and districts against Facebook in December 2020, accusing the tech giant of abusing its market power and crushing smaller companies in the social networking space.

Also read: Judge dismisses US govt antitrust lawsuits against Facebook

The FTC had alleged that Facebook had engaged in “a systematic strategy” to crush its competition. This included the acquisition of smaller up-and-coming rivals like Instagram in 2012 and WhatsApp in 2014.

The lawsuit was dismissed after a federal judge stated that the FTC did not provide enough evidence to indicate that the tech giant was a monopoly.

Published on June 29, 2021

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