Facebook hits $1 trillion valuation for first time

Facebook hits $1 trillion valuation for first time

A U.S. judge on Monday dismissed federal and state antitrust complaints against Facebook Inc (FB.O) that sought to force the social media company to sell Instagram and WhatsApp, saying the federal complaint was “legally insufficient.” Facebook shares rose more than 4% after the ruling. The share price rise put Facebook’s market capitalization over $1 trillion for the first time. The dismissal was the first big blow to state and federal lawsuits against Big Tech firms last year seeking to rein in alleged abuses of their massive market power. Judge James Boasberg of the U.S. District Court for the District of Columbia said the FTC failed to show that Facebook had monopoly power in the social-networking market but said the FTC could file a new complaint by July 29. He also dismissed a lawsuit by multiple U.S. states, saying they waited too long to challenge the acquisitions of Instagram and WhatsApp in 2012 and 2014 respectively. The judge did not invite the states to refile their complaint.

Idowu Babalola Photo
Idowu Babalola

Socially Not Social. IG & Twitter - @Idbragga

All author posts
Related Posts
Cambridge University agrees to return bronze cockerel looted from Nigeria in the 19th century
Cambridge University agrees to return bronze ...

Cambridge University has agreed to return a bronze cockerel looted from Nigeria in the 19th century. Known as a...

Twitter reacts to FG’s plan to lift ban
Twitter reacts to FG’s plan to lift ban

Social media giant Twitter has reacted to the decision by the Federal Government to lift the ban on the...

Jeff Bezos reclaims ‘World’s Richest Man’ title after losing it to Bill Gates
Jeff Bezos reclaims ‘World’s Richest Man...

Jeff Bezos suffered a drop in his vast net worth on Thursday after Amazon stock tumbled more than 7%...

Write A Comments