Facebook Stock rises after lawsuit dismissal, hits $1 trillion Market Cap Club

Jun29,2021 #Facebook #Washington

Queency Jain

Just after the Washington DC Federal Court dismissed the 2 antitrust cases filed against Facebook, Facebook became the fifth US firm to hit a market capitalization of $1 Trillion.

The dismissal came after Judge James Boasberg found that the allegation of FTC and a group of Attorneys General of 48 states and territories is insufficient in terms of pieces of evidence produced by them.

FTC and Attorneys General have earlier alleged Facebook to have a monopoly over personal social networking sites after the company purchased WhatsApp and Instagram.

While 2 suits were filed against the firm, dismissal by the Federal Court called for a grand celebration for Facebook as the shares of the firm gained 4.2% and it entered into the four-comma dollar club.

Though the first company to hit a $ 1 Trillion valuation was Apple in 2018, companies like Microsoft, Amazon and Alphabet have also joined the club.

Even though Facebook has entered the $1 Trillion club, the firm still has not got clearance from the Court and the FTC gets time till 29 July to file an amended complaint.

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