Facebook became the latest tech company to hit the ultra-rare $1 trillion market cap on Monday, after its stock jumped more than 10% near the end of the day.
The rally came after a D.C. district court dismissed the FTC's antitrust case against Facebook, finding that "the agency's Complaint is legally insufficient." It also dismissed a case from a number of state attorneys general, which together dealt a sizable blow to the antitrust case against Facebook.
That makes Facebook only the sixth company — after Apple, Microsoft, Saudi Aramco, Amazon and Alphabet — to hit the four-comma club. (Apple, Microsoft and Saudi Aramco have also hit the $2 trillion mark, though Saudi Aramco is below that mark now.) Tencent and Tesla are the next two companies in line, though neither is particularly close to hitting the big T.
Even as the backlash against Facebook has grown over the last few years, analysts and investors have liked its business proposition more and more. A massive regulatory change was largely seen as the only thing that could keep Facebook out of the trillion-dollar club, given how dominant Facebook, Instagram and WhatsApp have become in the internet economy. Even with Apple's privacy crackdown seeming to specifically target Facebook's business model, its importance to digital life and the advertising world only grew during the pandemic.
To reach $2 trillion, though, it might need another hit. Or for Oculus to take over the world.
Climate TRACE's data show emissions at the facility-level.Image: Climate TRACE