Facebook has reached a $1 trillion valuation, becoming the last of the “big five” American tech giants to pass the milestone following a victory in two antitrust cases.
The social media giant’s shares jumped as much as 4.4pc – the biggest intraday gain since April 29 – after a judge granted its request to dismiss complaints filed last year by the US Federal Trade Commission (FTC) and a coalition of states.
They claimed Facebook violated antitrust laws by buying Instagram and WhatsApp to starve emerging competition and protect its monopoly.
It came as the most significant regulatory threat to the business yet, amid a wider crackdown on tech giants across the pond. The fresh valuation represents a vote of confidence in Facebook’s ability to withstand regulatory assaults across the world, with neither the US and the EU having prevented it from recruiting almost 3.5bn people into at least one of its products.
It also pushes founder Mark Zuckerberg’s personal worth to about $130bn.
US District Judge James Boasberg said the FTC had failed to prove Facebook has a monopoly in social networking, but that it could refile a complaint within 30 days.
He wrote: “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 therefore must be dismissed”.
Facebook joins Apple, Amazon, Microsoft and Google’s holding company, Alphabet, which crossed the threshold in that order starting in 2018. Since then, Apple and Microsoft are now worth $2 trillion. Mark Zuckerberg is the youngest of the founders to reach the mark.