As of today’s market closing, Facebook has joined the ranks of corporations valued at over a trillion dollars. According to Yahoo Finance, the company’s market capitalization has surpassed $1.008 trillion for the first time in its history.
The social networking company joins Apple, Microsoft, Amazon, and Alphabet, the parent company of Google, as the sixth American corporation to reach the milestone. After a positive judicial judgement dismissing an antitrust case brought by the United States, the company’s shares rose 4.2 percent to $355.64.
Surprisingly, just a few American tech firms have surpassed the magical 13-digit value mark. Apple achieved the accomplishment three years ago, and it has since been joined in the big league by Alphabet Inc., Amazon, and Microsoft. Meanwhile, only 17 years after Zuckerberg co-founded the firm at his Harvard University dorm, Facebook has become the youngest corporation to reach the milestone value.
Personalized advertising that are presented to Facebook and Instagram users account for virtually all of Facebook’s revenue. The firm also has a growing hardware product line, which is developing devices like as the Portal video-calling gadget, Oculus virtual-reality headsets, and smart eyewear, all of which are set to arrive in 2021.
The news comes on the heels of the FTC’s attempt to unravel Facebook’s Instagram and WhatsApp acquisitions, which was dismissed by a federal judge after the FTC failed to provide sufficient evidence that the business is a monopoly.