Facebook’s Market Cap Hits Trillion Dollar Mark after Court Dismisses Anti Trust Lawsuits
- On Monday, July 28, the social media giant closed the day's business at $355.64 (R5 092,46) per share, propelling its market cap to $1.01 trillion (R462 trillion)
- As of Tuesday, June 29, noon, the Facebook share price had risen by 0.2% to trade at $356.22 (R5 100,76)
- In August 2020, Mark Zuckerberg’s fortune passed the $100 billion mark for the first time after a record profit
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American multinational conglomerate, Facebook, has hit the trillion-dollar mark after a US court dismissed anti-trust lawsuits.
Source: UGC
On Monday, July 28, the social media giant closed the day's business at $355.64 per share, propelling its market cap to $1.01 trillion. As of Tuesday, June 29, the Facebook share price had risen by 0.2% to trade at $356.22.
The online social networking site, in the process, joined a handful of listed companies that have cracked the trillion-dollar mark, The Motley Fool reported.
According to a report by CNBC, Facebook joined Apple, Microsoft, Amazon and Alphabet Inc in list of the top five companies to hit the milestone. The US Federal Trade Commission (FTC) had in December 2020 filed suits against Facebook, claiming it was violating antitrust laws.
The FTC wanted the court to compel the company whose chief executive officer is Mark Zuckerberg to deprived of some of its assets including the recently acquired WhatsApp and Instagram platforms.
Zuckerberg becomes centibillionaire
In August 2020, Briefly News reported Zuckerberg’s fortune passed the $100 billion mark for the first time after his company Facebook Inc hit a record profit after the release of Reels.
The Facebook founder gained about $22 billion in 2020 alone, while Bezos is said to have raked in more than $75 billion.
Jeff Bezos adds billions to his wealth in a single day
It was not the first time a tech giant made the news for huge single day financial earning.
Amazon founder Jeff Bezos added a whopping $13 billion to his fortune on Monday, July 20, 2020, making it the largest wealth growth for an individual since 2012. On the same day, Amazon’s shares jumped to 7.9%, the highest since December 2018.
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Source: Briefly News
