Facebook shares rose 4.2% to $ 355.6 on June 28. The corporation’s market capitalization exceeded $ 1 trillion for the first time.
The company’s shares rose amid an antitrust ruling by the District of Columbia’s federal court. He granted Facebook’s motion to terminate the proceedings. The court considered that the plaintiffs had failed to prove the violation of the law.
The lawsuit was filed by the US Federal Trade Commission and the authorities of 48 states and counties in December 2020. The plaintiffs cited the purchase of Instagram and WhatsApp as examples of the corporation’s monopoly position. In their opinion, Facebook “used monopoly power to crush smaller competitors,” reports AP.
American indices closed in different directions on June 28. The NASDAQ rose 0.98% (14500.5 points), the S&P rose 0.23% (4290.6), and the DJIA fell 0.44% (34282.3).
Last week, the capitalization of another tech giant Microsoft exceeded $ 2 trillion. Microsoft is the second corporation to achieve this in the United States, after Apple.