Shares Soar, Facebook Now Worth US $ 1 Trillion! - Kakiforex.com - Financial Market Media No. 1 in the World Shares Soar, Facebook Now Worth US $ 1 Trillion! Shares Soar, Facebook Now Worth US $ 1 Trillion!
InstaForex

June 29, 2021

Shares Soar, Facebook Now Worth US $ 1 Trillion!

 Facebook's market value for the first time reached US $ 1 trillion after a US federal court dismissed two anti-trust lawsuits against the tech giant.


According to Judge James Boasberg, the first claim filed by the Federal Trade Commission (FTC) was too vague.


Boasberg said the FTC's allegations were insufficient and failed to present solid evidence stating Facebook was blocking competition.


In addition, another anti -competitive lawsuit filed by a coalition of 45 states was also rejected because the allegations had been going on for too long.



Clearly Boasberg, the coalition did not provide a reasonable justification as to why they waited 6 to 8 weeks to sue Facebook.


The two lawsuits called for Facebook to relinquish its holdings on Instagram and WhatsApp, which it owned in 2012 and 2014.


Following that, Facebook shares jumped 4.2% to US $ 355.64.


In March, Facebook sent a petition to a federal court in the US to dismiss the FTC's lawsuit in addition to describing the FTC's allegations as 'absurd'.


Facebook says the FTC ‘ignores the realities of a dynamic and competitive high -tech industry’.