Thu, Sep

Facebook Becomes A $1 Trillion Company

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American multinational conglomerate, Facebook has joined the list of companies valued over a trillion dollars as of today’s market close. The company’s market cap is sitting at $1.008 trillion according to Yahoo Finance, putting it over the mark for the first time in its history. The social media company is the fifth U.S. company to hit the milestone, joining Apple, Microsoft, Amazon and Google-parent company Alphabet. The company’s shares closed up 4.2% at $355.64 after a favourable legal ruling that dismissed an antitrust complaint brought by the U.S. Federal Trade Commission and a coalition of state attorneys general.

Facebook gets a majority of its revenue from personalized advertisements across its platforms. Some of the most notable of Facebook’s divisions are the Facebook site itself, Messenger, Instagram, and WhatsApp. Aside from the popular social media divisions, the company also has a burgeoning hardware business where it is building products like the Portal video-calling device, Oculus virtual-reality headsets and smart glasses, which are set to be released sometime in 2021.

The company who held its initial public offering in May 2012, debuting with a market cap of $104 billion is now the only company founded in the 2000s to reach such a milestone, hence making it the newest — as long as you’re counting from the date that Google was started (which was in 1998), instead of Alphabet (which was created 2015).