Facebook closed above $1 trillion in market capitalization for the first time. The company’s market capitalization now stands at $1.008 trillion, according to data Yahoo Finance.
Among its most prominent sections is the Facebook platform itself, along with Messenger, in addition to Instagram, WhatsApp and Oculus.
The social media company is the fifth American company to achieve this feat. Accordingly, it has joined Apple, Microsoft, Amazon and Alphabet.
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The company’s shares closed 4.2 percent higher at $355.64 after a favorable legal ruling dismissed an antitrust complaint filed by the US Federal Trade Commission and a coalition of state attorneys general.
The judge said the FTC failed to defend enough facts to prove that the company had monopoly power in the PSN market.
And in the list of US technology companies that have crossed the trillion dollar valuation mark Facebook is the only one that was founded in the 2000s, which makes it newer.
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The company derives nearly all of its revenue from personalized advertising that appears to users of the social networks Facebook and Instagram.
The company also has a burgeoning hardware business as it builds products such as a video calling device, Oculus virtual reality glasses and smart glasses, slated to launch sometime in 2021.
Facebook is booming
The company held its initial public offering in May 2012, debuting with a market capitalization of $104 billion.
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The company suffered a massive 19 percent drop in 2018 after publishing disappointing revenue and user numbers for the second quarter of that year.
The drop came amid a number of scandals that year, including data leaks and fake news.
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Most notable was the Cambridge Analytica scandal, in which the data company improperly accessed and used the data of 87 million Facebook users to target Donald Trump’s ads in the 2016 presidential election.
Despite the scandals, Facebook managed to recover and continued to grow its user base and steadily increased its average revenue per user. The stock price is now up more than 90 percent since July 27, 2018.