Trending

Stories

Facebook Surpassed $1tn Market Cap Club Following FTC Suit Dismissal

Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

WP Rocket - WordPress Caching Plugin

Must Read

The Facebook stock surpassed the $1 trillion high-water mark for the first time after a pair of antitrust lawsuits were dismissed in federal court.

Also Read

Social network shares finished up 4 percent at $355.64 at the close of trading on Monday, giving the company a market cap of just over $1 trillion.

Hours before trading was halted, a federal court granted Facebook’s request to dismiss a US Federal Trade Commission antitrust lawsuit, Apple Insider reported.

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

According to the judge, the FTC’s complaint, which alleged Facebook maintains monopoly power over the social networking sector through illegal means, was “legally insufficient.”

“FTC has failed to plead enough facts to plausibly establish a necessary element of all of its Section 2 claims – namely, that Facebook has monopoly power in the market for Personal Social Networking (PSN) Services,” the judgment reads.

The case dates back to 2020, when the FTC and attorneys general from 48 states and territories lodged twin antitrust filings against the social networking giant.

Among the suits’ chief complaints was allegedly anticompetitive conduct related to acquisitions of competing services, specifically WhatsApp and Instagram.

The states’ case was also dismissed on Monday in district court.

Facebook is among an elite group of tech companies to surpass the $1 trillion mark, following in the footsteps of Alphabet, Amazon, Apple and Microsoft, reports CNET.

Apple went on to become the first US company to obtain a $2 trillion market cap in August 2020 and Microsoft recently reached that same milestone last week.

iThemes WordPress Hosting

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

Latest

Stories

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.
Elementor

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.

Kinsta

Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.

OptinMonster

OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.

Related

- Advertisement -
- Advertisement -
Google Pixel 4 and 4 XL Get Last Update WhatsApp Introduces 5 New Features For Status Updates OnePlus First-ever Tablet Launching in India Today ChatGPT Reaches 100 Million Users in Two Months Microsoft’s Teams Get OpenAI-Based Features WhatsApp New Feature that Allows Users to Create Calling Shortcuts Instagram Working On Twitter-like Paid Verification Feature OnePlus Ace 2 Specs Exposed Online Realme GT Neo 5 Full Specs Revealed  Samsung Galaxy S23 Ultra: The New Android King
Google Pixel 4 and 4 XL Get Last Update WhatsApp Introduces 5 New Features For Status Updates OnePlus First-ever Tablet Launching in India Today ChatGPT Reaches 100 Million Users in Two Months Microsoft’s Teams Get OpenAI-Based Features WhatsApp New Feature that Allows Users to Create Calling Shortcuts Instagram Working On Twitter-like Paid Verification Feature OnePlus Ace 2 Specs Exposed Online