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
Tinnostiles makes history as the first Nigeria-African cosmetics dentist to host teeth whitening on a yacht
Tinnostiles makes history as the first Nigeri...

Tinnostiles makes history as the first Nigerian-African cosmetics dentist to host teeth whitening on a yacht . Samuel Tinno...

New Olofin of Isheri , HRM Oba Sulaiman Adekunle Bamgbade inspects Kara Market and Golden Silk Industries Ltd
New Olofin of Isheri , HRM Oba Sulaiman Adeku...

The new Olofin of isheri, HRM Oba Sulaiman Adekunle Bamgbade started work so quickly, he inspected the popular Kara...

Bill Gates blames himself as he opens up about divorce
Bill Gates blames himself as he opens up abou...

Bill Gates blamed himself for “messing up” as he opened up about his messy divorce. The billionaire spoke last...

Write A Comments