Technology

Facebook’s market value surpasses $ 1 trillion for the first time after federal court dismissed the FTC’s antitrust lawsuit

Shares of the social-media giant climbed 4.2% on Monday to close at $355.64 per share, pushing its market capitalization above $1 trillion for the first time. That makes Facebook the fifth U.S. company to surpass the feat, joining the likes of Apple, Microsoft, Amazon and Google parent Alphabet.

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

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

U.S. District Judge James Boasberg ruled Monday that the lawsuits were “legally insufficient” and didn’t provide enough evidence to prove that Facebook was a monopoly. The ruling dismisses the complaint but not the case, meaning the FTC could refile another complaint.

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