Facebook joins Microsoft, Amazon and Apple in being valued over $1trn
Facebook won a battle versus an American regulator yesterday causing the tech company’s stock value to surge past $1trn.
The ruling by the US judge will be welcomed news for tech giants as the Federal Trade Commission (FTC), along with a group of state attorney generals, launched the antitrust lawsuit in an effort to wrestle power from major tech firms.
However, the antitrust lawsuit that was aimed at compelling Facebook to sell Instagram and WhatsApp was dismissed by the judge.
The ruling both failed to limit the power of Facebook and preceded the company’s share price reaching a record high.
Shares in Facebook saw out the day up by over 4%, at $355.64, bringing the total value of the company to $1trn.
The judge ruled that the FTC did not give enough evidence to demonstrate that the social network was a monopoly. Having said that, the regulator is able to file another complaint as the case was not dismissed.
Facebook walks in the footsteps of fellow FAANG stocks, Amazon, Microsoft and Apple, all of which are valued above $1trn.
