Facebook turns out to be a Trillion USD Company

June 29, 2021 17:39
Facebook turns out to be a Trillion USD Company

The top social media platform Facebook is used across most of the countries of the globe. Facebook now joined the list of the trillion USD companies of the globe after the market got closed today. The market cap of Facebook is now 1.008 trillion USD. This is the first time, Facebook reached a remarkable mark. Facebook operates with Messenger, WhatsApp, Instagram and Oculus. Facebook is the only US tech company that made a trillion USD after 2000 and Google made it to the list in 1998. Facebook reached the mark after the dismissal of FTC's case. A Federal Judge stated that FTC had no evidence against Facebook's monopoly.

The judge told that the federal complaint was legally insufficient. The shares of Facebook rose by 4 percent after the dismissal making Facebook reach the 1 trillion USD mark for the first time in history. The dismissal turned out to be a major blow for the state along with the federal lawsuits. Judge James Boasberg of the US District Court for the District of Columbia announced the verdict. The judge also did not invite the states to refile the complaint. Facebook asked the lawsuits to be dismissed. The judge wrote "Although the court does not agree with all of Facebook's contentions here, it ultimately concurs that the agency's complaint is legally insufficient and must therefore be dismissed".

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