Thursday, July 3, 2025
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact
No Result
View All Result
Techgist Africa | Africa Leading Tech News, Reviews and Tips
No Result
View All Result
Home Apps

After a federal court dismissed an antitrust complaint, the market capitalization of Facebook has surpassed $1 trillion for the first time

Tech Gist Africa by Tech Gist Africa
06/29/2021
in Apps, Social media, World News
0 0
0
facebook

facebook

0
SHARES
Share on FacebookShare on Twitter

Facebook market capitalization has surpassed $1 trillion for the first time in its history.

A federal court rejected federal and state antitrust proceedings against Facebook, saying the federal suit was “legally insufficient.”

Following the judgment, Facebook market capitalization surpassed $1 trillion, and the stock increased by more than 4%.

The Federal Trade Commission (FTC) failed to prove that Facebook had monopoly power in the social-networking market, according to Judge James Boasberg of the United States District Court for the District of Columbia.

He also dismissed a case filed by several US states, claiming that they waited too long to oppose Instagram and WhatsApp’s acquisitions in 2012 and 2014, respectively.

“Although the court does not agree with all of Facebook’s contentions here, it ultimately concurs that the agency’s complaint is legally insufficient and must therefore be dismissed,” the judge stated in response to the FTC lawsuit.

“We are delighted that today’s decisions highlight the flaws in the government allegations made against Facebook,” a Facebook spokesperson said.

The Federal Trade Commission had claimed that Facebook had broken antitrust rules by acquiring young firms like Instagram that it saw as a threat to its dominance, as well as deterring others from using Facebook’s services.

Facebook joins Apple, Microsoft, Google parent company Alphabet, and Amazon as the fifth U.S. company to reach the milestone.

After a favorable legal verdict dismissing the antitrust complaint, Facebook’s stock rose 4.2 percent to $355.64.

Facebook’s first public offering (IPO) took place in May 2012, with a market capitalization of $104 billion.

 

Read more on Tech Gist Africa:

Microsoft has joined Apple in the $2 Trillion market cap for the first time thanks to its booming cloud computing unit

Amazon Becomes Second U.S. Company to Reach $1 trillion

Apple Breaks Stock Market Valuation, Hits $1 Trillion

ShareTweet
Plugin Install : Subscribe Push Notification need OneSignal plugin to be installed.
Tech Gist Africa

Tech Gist Africa

Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

Related Posts

Apple WWDC 2025
Events

Apple Unveils iOS 26, macOS Tahoe, and AI Innovations at WWDC 2025

by Tech Gist Africa
06/15/2025
0

Apple kicked off its annual Worldwide Developers Conference (WWDC) with a series of announcements highlighting significant advancements in software design...

Read more
Neuralink Elon Musk

Neuralink Secures $650 Million in Series E Funding to Advance Brain Implant Technology

06/15/2025
Telegram Grok

Telegram Scores $300 Million xAI Deal to Integrate Grok Across One Billion Users

06/15/2025
OpenAI

OpenAI Reaffirms Nonprofit Control Amid Restructuring Controversy

05/08/2025
Skype Microsoft

Skype Officially Shuts Down After Over Two Decades of Service

05/08/2025
Next Post
Facebook app

Facebook is testing its made-in-Nigeria educational app Sabee

Social media

What role does social media play in Africa's small businesses?

virgin orbit space- tech news

Virgin Orbit successfully launches its first commercial mission

No Result
View All Result

The Big 5

Blockchain

The Role of Blockchain in Enhancing Africa’s Financial Systems and Security

by Tech Gist Africa
06/30/2025
0

...

Artificial Intelligence

How Artificial Intelligence is Transforming Industries Across Africa

by Tech Gist Africa
06/23/2025
0

...

Africa startups

Kenyan Startups Invited to Apply for €100,000 develoPPP Ventures Grant

by Tech Gist Africa
06/15/2025
0

...

Neuralink Elon Musk

Neuralink Secures $650 Million in Series E Funding to Advance Brain Implant Technology

by Tech Gist Africa
06/15/2025
0

...

Telegram Grok

Telegram Scores $300 Million xAI Deal to Integrate Grok Across One Billion Users

by Tech Gist Africa
06/15/2025
0

...

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

TGA

  • About us
  • Terms and Conditions
  • Privacy Policy
  • Contact

AFRICA

  • Made In Africa
  • People
    • Tech Leaders
    • Innovator of the Week
  • Start-Up Spotlight

NEWS

  • Africa News
  • World News

THE BIG 5

  • Big 5 Daily
  • Weekly News Roundup

SPECIALS

  • Guest Articles
  • How Tos
  • Op-Eds
  • Reviews
  • Tech Leaders
  • Tips

VIDEOS

  • Interviews
  • Tech Videos

Copyright © 2020 Techgistafrica. All Rights Reserved

No Result
View All Result
  • News
    • World News
    • World Regional News
    • News – East Africa
    • News – West Africa
    • News – South Africa
    • News – Middle East And North Africa
  • The Big 5
  • Specials
  • Opportunities
  • Innovators
  • Events
  • Videos
  • Contact

Copyright © 2019 TECHGISTAFRICA. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.