July 29, 2021

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Facebook’s market cap crosses $ 1 trillion, know why the stock jumped

Facebook's market cap crosses $ 1 trillion, know why the stock jumped

Highlights:

  • Facebook’s market cap crossed $1 trillion on Monday
  • Facebook became the fifth company in America to achieve this position
  • Antitrust complaint against the company dismissed, shares rose 4.2 percent
  • The company’s stock has risen more than 90% since July 2018.

New Delhi
The market cap of the legendary social media company Facebook crossed $ 1 trillion on Monday. This company, led by Mark Zuckerberg, has achieved this position for the first time. Facebook is the fifth US company to achieve this feat after Apple, Microsoft, Amazon and Google.

Shares of the company jumped 4.2 percent to $355.64 on Monday after the antitrust complaint against Facebook was dismissed. The US Federal Trade Commission and several state attorneys general filed antitrust complaints against the company. All of Facebook’s revenue comes from personalized ads that are shown to users of Facebook and Instagram.

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hardware business
Along with this, the company’s hardware business is also doing well. Facebook is making Portal video calling devices, Oculus virtual reality headsets and smart glasses that are slated for release this year. Facebook’s IPO came in May 2012 and the company debuted in the market with a market cap of $104 billion.

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In 2018, the company’s revenue had declined by 19 percent. Then the company’s reputation was hit by data leaks, fake news and especially the Cambridge Analytica scandal. But despite all this the company was able to make a comeback. Its user base and average revenue continued to grow. The company’s stock has gained more than 90% since July 27, 2018.

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