Technology

Facebook market value tops $1 trillion for the first time ever

Facebook just joined the exclusive trillion dollar club.

Shares of the social media giant rose 4.2% on Monday to close at $ 355.64 a share, pushing its market capitalization above $ 1 trillion for the first time. That makes Facebook the fifth American company to overcome the feat, joining companies like Apple, Microsoft, Amazon and Google’s parent Alphabet.

Facebook, which went public in May 2012, debuted with a market capitalization of $ 104 billion.

The latest gains came after a federal judge dismissed antitrust lawsuits filed against him by the Federal Trade Commission and a group of state attorneys general. That deals a significant blow to attempts by regulators to curb the tech giants.

US District Judge James Boasberg ruled Monday that the lawsuits were “legally insufficient” and did not provide sufficient evidence to show that Facebook was a monopoly. The ruling dismisses the complaint, but not the case, meaning the FTC could re-file another complaint.

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