Sunday, September 7, 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

Chip
Artificial Intelligence

China Ramps Up AI Chip Self-Sufficiency Amid Global Tech Race

by Tech Gist Africa
08/22/2025
0

In a strategic move to bolster its position in the global technology race, China is intensifying efforts to achieve self-sufficiency...

Read more
Tesla Elon Musk

Tesla Powers Up: Enters UK Energy Market with Innovative Solutions

08/20/2025
world humanoid robot games 2025

World Humanoid Robot Games Spotlight Embodied AI

08/19/2025
apple ceo tim cook

Apple Reportedly Developing Proprietary AI ‘Answer Engine’

08/15/2025
Australia

Australia Expands Social Media Ban to Include YouTube for Children Under 16

08/15/2025
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

ITIDA Egypt

Egypt’s Start IT Programme Welcomes Eight Innovative Startups in 47th Cohort

by Tech Gist Africa
09/01/2025
0

...

startup africa

Innovate47 Launches Food & Agri Accelerator to Empower African Startups

by Tech Gist Africa
09/01/2025
0

...

Dubai AI Accelerator

Dubai’s AI Accelerator has opened Registration for the “Future of AI in Government Services Accelerator” Program

by Tech Gist Africa
09/01/2025
0

...

Presight AI-Startup Accelerator

Presight AI-Startup Accelerator Ignites Global Innovation in Abu Dhabi

by Tech Gist Africa
09/01/2025
0

...

African tech ecosystem

Africa’s Growing Role in Global Tech Partnerships: Collaboration with Silicon Valley and Beyond

by Tech Gist Africa
08/25/2025
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.