Facebook is now a trillion dollar business
The market capitalization of Mark Zuckerberg’s social media empire has reached $ 1,008 billion for the first time in its 17-year history.
Facebook – which includes the main site, WhatsApp, Messenger, Instagram, and Oculus – is the youngest company to join the trillion dollar club of the 2000s.
The news comes as a court ruled that Facebook is not a monopoly.
Facebook has had two separate cases dismissed by DC Circuit Court Judge James Boasberg by the Federal Trade Commission and a coalition of 48 US states at the end of 2020.
However, the court this week ruled that the cases were “legally insufficient” and that Facebook had no “more than 60%” control over all social media.
The result was: “The FTC complaint says next to nothing concrete on the key question of the real power that Facebook had and still has in a properly defined antitrust product market.
“It’s almost as if the agency expects the court to just nod at the conventional wisdom that Facebook is a monopoly.”
However, the FTC still has 30 days to resolve its case and it is claimed that it is “closely examining the opinion and evaluating the best option for the future.”
The second lawsuit was dismissed because the coalition had waited too long to submit its case, which called into question Facebook’s acquisitions of WhatsApp and Instagram.