Facebook is Riding High! The first ever social media network just hit $1 Trillion Dollar market cap.
Founded by Mark Zuckerberg with fellow Harvard College students and roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes on 2004, who would have thought the social network will hit $1 Trillion in 2021.
As per Yahoo Finance, the social network giant hit $355.64 per share and a market cap of around $1.008 trillion by close of trade Monday which is for the first time in the social media company’s history to join the list of trillion-dollar companies.
Only a few companies have had this landmark. The companies that have achieved $1 trillion dollar capital Apple Inc, Amazon, Microsoft, Saudi Aramco and Alphabet Now (Google) whereas Apple Inc. remains on Top in the Trillion Dollar Cap List.
World’s Trillion-Dollar Companies
|Companies||Date $1 Trillion Valuation First Achieved||Market Capitalization|
|Apple Inc.||4 August 2018||$1.37 trillion|
|Amazon||4 September 2018||$1.04 trillion|
|Microsoft||7 June 2019||$1.36 trillion|
|Saudi Aramco||11 December 2019||$1.81 trillion|
|Alphabet||16 January 2020||$1.02 trillio|
Facebook is now the fifth US company to surpass $1 trillion in market value. Facebook’s divisions have also contributed to reach this trillion dollar mark. These divisions are Messenger, WhatsApp, Instagram and Oculus. You can say that Facebook is the network of social networks. Apart from Facebook itself, these divisions are quite popular and have millions of users across the globe. Without these division it would be impossible for Facebook to reach this mark.
Facebook stock rose over 4% as the federal court dismissed an antitrust lawsuit against the social media company. The result dismissed as the judge found that the FTC didn’t provide enough evidence that showed Facebook holding the monopoly power. However this wasn’t the first time, in in December 2020, a similar antitrust lawsuit was filled by 48 attorney generals against Facebook.
According to CNBC, the company suffered a colossal 19% drop in 2018 after posting disappointing revenue and user figures for the second quarter of that year. That drop came amid a number of scandals that year, including data leaks, fake news and, most notably, the Cambridge Analytica scandal in which a data firm improperly accessed the data of 87 million Facebook users and used it to target ads for Donald Trump in the 2016 presidential election.
Despite the scandals, Facebook was able to bounce back and has continued to grow its user base and steadily increase its average revenue per user. The stock price is now up more than 90% since July 27, 2018.
This has been possible because Facebook has a huge number of users with roughly 2.85 billion monthly active users as of the first quarter of 2021, Facebook is the biggest social network worldwide. A few months ago, Facebook Data Leak Of About 533M People Including Mark Zuckerberg. However, the company needs to work a lot on their cyber security network.
More About Top Tech Companies
- Google Pixel 6 – It’s Official!
- Apple 13 Series – A New Design!
- Warren Buffett Resigns From Gates and Melinda Foundation!
- Facebook Plans To Launch Smartwatch Featuring Two Cameras!
- Social Media Entrepreneurship (7 Reasons Why Social Media Matters