Mark Zuckerberg’s social media empire’s market cap hit $1.008 trillion for the first time in their 17-year history.
MARK Zuckerberg’s social media empire’s market cap hit $1,008 trillion for the first time in their 17-year history.
Facebook – which includes the main site, WhatsApp, Messenger, Instagram, and Oculus – is the youngest company to join the trillion-dollar club from the 2000s.
The news comes as a court ruled that Facebook is not a monopoly.
Facebook had two separate cases dismissed by Judge James Boasberg of the DC Circuit Court made by the Federal Trade Commission and a coalition of 48 US States at the end of 2020.
However, the court found this week that the cases were “legally insufficient” and that Facebook does not hold “in excess of 60%” control of all social media.
The outcome read: “The FTC’s Complaint says almost nothing concrete on the key question of how much power Facebook actually had, and still has, in a properly defined antitrust product market.
“It is almost as if the agency expects the Court to simply nod to the conventional wisdom that Facebook is a monopolist.”
However, The FTC still has 30 days to adjust their case and it’s claimed they are “closely reviewing the opinion and assessing the best option forward.”
The second lawsuit was dismissed because the coalition had waited too long to submit their filing, which questioned Facebook’s acquisitions of WhatsApp and Instagram.
BANG SHOWBIZ
