Facebook closes $ 1 trillion market cap for first time

Facebook closed above $ 1 trillion in market capitalization on Monday.

The social media company is the fifth U.S. company to achieve the milestone, joining Apple, Microsoft, Amazon and the parent company Google Alphabet. The company’s shares closed 4.2%, at $ 355.64 after a favorable court ruling dismissing an antitrust lawsuit filed by the U.S. Federal Trade Commission and a coalition of U.S. Attorneys General. State.

Facebook gets almost all of its personalized ad revenue that is shown to users of Facebook and Instagram social networks. The company also has an expanding hardware business where it is building products such as the portal’s video calling device, Oculus virtual reality headsets and smart glasses, which will be released in 2021.

Facebook held its initial public offering in May 2012, with a market cap of $ 104 billion.

The company suffered a colossal 19% drop in 2018 after posting disappointing revenue and user figures for the second quarter of this year. The fall came amid scandals that year, including data leaks, fake news and, most importantly, the Cambridge Analytica scandal, in which a data company incorrectly accessed data from 87 million users. of Facebook and used them to target Donald Trump ads. in the 2016 presidential election.

Despite the scandals, Facebook was able to recover and has continued to grow its user base and steadily increase its average revenue per user. The share price has increased by more than 90% since July 27, 2018.

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