In a recent update, the Facebook stock has surpassed the $1 trillion mark for the first time. This comes after the social media giant was relieved of multiple antitrust lawsuits by the federal court.
Facebook Shares Locked At 4 Percent
As per the latest reports, Facebook shares were finished up at 4 percent at $355.64 at the close of trading on Monday. The company got a market cap of a little over $1 trillion. It is one of elite group of tech companies that have surpassed the $1 trillion mark. Following the footsteps of Alphabet, Apple, Microsoft and Amazon.
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However, Apple was the first US company to obtain the $2 trillion market cap back in August last year. Later, Microsoft already reached the same milestone, reported last week.
This comes hours before the trading was halted and the federal court granted their request to dismiss a US Federal Trade Commission antitrust lawsuit.
As per the judge, the FTC’s complaint which claimed that Facebook maintains monopoly power over the social media networking sector through illegal means was “legally insufficient”.
The judgment further read that the FTC had failed to present their plea with enough facts to establish a necessary element of all of its Section 2 claims. This includes that Facebook has monopoly power in the market for Personal Social Networking (PSN) services.
Following this, the case was dismissed on Monday in the district court,
FTC And Attorney General Lodged Antitrust Lawsuits Against Facebook
It was back in the year 2020 when the Federal Trade Commission and the attorney general from 48 states and territories lodged twin antitrust lawsuits against the Facebook. Amongst the filings, the chief complaints was allegedly anticompetitive conduct related to the acquisitions of the competing services including WhatsApp and Instagram.
