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Facebook Crosses $1 Trillion Mark After Dismissal of FTC Antitrust Suit

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Facebook Crosses $1 Trillion Mark After Dismissal of FTC Antitrust Suit

A favorable court ruling triggered a spike in Facebook stock, making Facebook a $1 trillion company.

Source: CNBC.

FB dips -0.53%

The social media giant is the fifth US Company to hit the mark, joining Microsoft, Apple, Amazon, and Alphabet. The share price closed at $355.64, a 4.2% increase following the dismissal of an antitrust suit brought by the U.S. Federal Trade Commission and state attorneys.

The company obtains most of its revenues from personalized ads, which are shown to Facebook and Instagram users.

The social media company is also diversifying into the hardware business where it is developing products such as the video-calling device, Oculus virtual-reality headsets, and smart glasses.

Facebook held its IPO in May 2012, with a market capitalization of $104 billion.

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