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Facebook’s market capitalization has reached more than $1 trillion on Monday, June 28, and it was said that this is the first time that it happened. With the new record, the social media giant has now become the fifth company in the U.S. to achieve this plateau and officially joining Apple, Google, Amazon, and Microsoft in the list.
The new market cap record
Facebook went public in May 2012, and it debuted with a market cap of $104 billion. The company also suffered big losses, but it always managed to get back up.
Now, despite the controversies and lawsuits that it faces, Facebook just reached new heights with its $1 trillion closing on Monday. The shares closed up 4.2 percent at $355.64.
CNBC notes that the firm got almost all of its profits from personalized advertisements that are shown to users on Instagram and Facebook. It also has a growing hardware business where it is developing products similar to the Oculus VR headsets and smart glasses that are said to be scheduled for launch this year.
Reason for the surge
Aside from the things mentioned as to where Facebook may have sourced its earnings, it was suggested that its recent win in the anti-trust complaint filed by the U.S. Federal Trade Commission and the state attorney general may have also played a role in the market cap result.
As per CNN Business, after the federal court dismissed the FTC’s antitrust complaint against Facebook, the numbers immediately went up. The case ended up in favor of Mark Zuckerberg’s company as the court stated the agency was not able to provide evidence for its claim that FB holds monopoly power in the social networking business.
With the dismissal of the case, Facebook’s stock rose to more than 4%, which pushed its market value to more than $1 trillion for the first time. "We are pleased that today's decisions recognize the defects in the government complaints filed against Facebook," the firm said after receiving the news from the court.
Meanwhile, the USFTC’s spokeswoman, Lindsay Kryzak, said to be reviewing the judge's decision and planning what steps to take next. The outcome of the case is said to be a setback for antitrust regulators, so it has to make a wise move as a response to the verdict.
