Tech
Antitrust lawsuit dismissal leaps Facebook into exclusive trillion club
A U.S judge has dismissed two antitrust lawsuits against facebook and the company’s share price has stormed to record highs as a result.
Facebook has now joined the ranks of companies valued at over a trillion dollars.
What happened with the anti-trust lawsuit?
In what’s being described as a significant setback to the US government’s efforts to rein in the major tech companies, the two lawsuits were filed by the Federal Trade Commission and another by a coalition of US states.
The Judge in the federal district court in Washington said the agency’s lawsuit was “legally insufficient”
The Judge added that he found the FTC had “failed to plead enough facts to plausibly establish” that the tech giant has monopoly power over the market
The FTC will have 30 days to file a new complaint.
As of today’s market close in the U.S, the company’s market cap is sitting at $1 trillion dollars according to Yahoo Finance.
It’s the first time in history Facebook has hit this high mark…
Some of the most notable of Facebook’s divisions are the Facebook site itself, along with Messenger, as well as Instagram, WhatsApp, and Oculus.
On the list of US tech companies that have passed the $1 trillion mark, Facebook is the only one founded in the 2000s, making it the newest.
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