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Facebook market value tops $1 trillion for first time after federal court dismisses FTC antitrust lawsuit

Facebook market value tops $1 trillion for first time after federal court dismisses FTC antitrust lawsuit

FINANCIAL NEWS

Facebook market value tops $1 trillion for first time after federal court dismisses FTC antitrust lawsuit

Apple iOS 14.5 update forces tracking apps to ask user permissionWith this software update to Apple iPhone and iPads, apps must ask permission of device owners to track their activity across other apps and sites.staff video, USA TODAYFacebook just joined the exclusive trillion dollar club.Shares of the social-media giant climbed 4.2% on Monday to close at $355.64 per share, pushing its market capitalization above $1 trillion for the first time. That makes Facebook the fifth U.S. company to surpass the feat, joining the likes of Apple, Microsoft, Amazon and Google parent Alphabet.Facebook, which went public in May 2012, debuted with a market cap of $104 billion.The latest gains came after a federal judge dismissed antitrust lawsuits brought against it by the Federal Trade Commission and a group of state attorneys general. That deals a significant blow to attempts by regulators to rein in tech giants.U.S. District Judge James Boasberg ruled Monday that the lawsuits were “legally insufficient” and didn’t provide enough evidence to prove that Facebook was a monopoly. The ruling dismisses the complaint but not the case, meaning the FTC could refile another complaint.Facebook’s audio push: Social-media company rolls out Live Audio Rooms, podcasts in new push to take on ClubhouseFederal judge dismisses antitrust suit against Facebook: social network tops $1 trillion market capTo be sure, the company has faced a series of setbacks in recent years around regulation, privacy and efforts to fight election interference. But despite the issues, it has made more money on advertising and adding more users.Its stock has climbed 30% so far in 2021, helped in part by strong first-quarter earnings and a rise in revenue growth from robust advertising sales. In April, Facebook said it expects its second-quarter revenue growth this year to stay stable or “modestly accelerate” compared with the growth rate in the first quarter. Facebook is also expanding its e-commerce offerings and the use of its messaging services for businesses. The company is also getting into audio and podcasts.In March, Facebook had 2.85 billion monthly users, on average. That’s up 10% from a year earlier. Its family of apps — Facebook, Instagram and WhatsApp — had monthly users of 3.45 billion in March. That’s the number of people who logged in to at least one of the apps during the month.Contributing: The Associated Press


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