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Facebook Emerges Youngest Tech Company Valued Over $1trillion

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Facebook has emerged as the youngest technology company in the world to be valued at over a trillion dollars ($1 trillion).

The social media company was founded in 2004 and has, by the mark, joined the ranks of companies worth a trillion dollars.

According to Yahoo finance, the company’s market capitalisation is currently at $1.008 trillion and its stock had closed 4.2% higher on Monday at $355.64 per share.

However, the event is not just a tremendous achievement for the company but a historical one.

Facebook became the youngest company amongst the rank of the prominent four tech giants, viz: Apple, Microsoft, Amazon, and Google parent Alphabet.

The tech company’s value surge came at a time when Facebook won two antitrust lawsuits against it in United states’ courts.

The complaint was filed by the Federal Trade Commission and a group of state Attorney-Generals in December.

The FCT had said Facebook held monopoly power, controlling 60% plus the personal social networking market.

However, their complaints were considered legally insufficient and were dismissed.

The plaintiff, made up of forty six (46) members, had lodged the case against Facebook’s acquisition of Instagram and WhatsApp, accusing the company of monopoly.

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James Boasberg, US District Judge, ruled over the case

However, a ruling by a US federal judge dismissed the case for lacking enough evidence. The judge ruled that, “services are free to use, and the exact metes and bounds of what even constitutes a social networking service – i.e., which features of a company’s mobile app or website are included in that definition and which are excluded – are hardly crystal clear.”

“The FTC’s inability to offer any indication of the metric(s) or method(s) it used to calculate Facebook’s market share renders its vague ‘60%-plus’ assertion too speculative and conclusory to go forward,”

Facebook was founded in 2004 by Mark Zukerberg and some of his college roommates. And it has owned several companies, including Oculus, Messenger, WhatsApp and Instagram.

The court victory was attributed to have triggered the tech company’s market cap greatly, resulting in its rise in value.

Agbaje Naomi is a writer at Techuncode. At first, she wasn't so keen on tech. But over the past month, working with Techuncode has opened her to a whole new level of tech-smart. Naomi believes that writing is where you pour those raging thoughts about a subject. If Naomi is not writing she is probably watching a movie or looking for something productive to do.

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