/ 30 June 2021

Facebook joins the trillionaire club

What’s on your mind, Facebook? We’ll take a stab and suggest it’s the company hitting a US$1 trillion market valuation for the first time in its history. The push over the megabucks line was provided by a US court dismissing an antitrust case brought by the Federal Trade Commission (FTC), saying it had not provided enough evidence to prove the company was a monopoly. The FTC and 48 US states have pursued Facebook over claims it was abusing its market power in social networking to eliminate smaller competitors. That includes its acquisitions of apps like Instagram and WhatsApp, which have significantly boosted its coffers. Facebook said it was “pleased” with the decision, but critics say it’s a major setback in reducing the market power of Silicon Valley’s tech giants.

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