The dismissal of an antitrust lawsuit on Monday helped to put Facebook Inc. into the $1 trillion club, achieving a market valuation that only four other companies have hit on U.S. stock exchanges.
The Menlo Park social media giant’s stock jumped more than 4% after a judge tossed an antitrust complaint brought by the U.S. Federal Trade Commission and a coalition of state attorneys general. Its shares dropped slightly in early trading on Tuesday but its market cap remained at $1 trillion.
Facebook’s stock has soared by about 30% so far in 2020 and is up by about 57% in the past 12 months.
When the company went public in May 2012, it began with a market cap of $104 billion.
Nearly all of company’s revenue is from advertising done on Facebook and Instagram. It also gets some from hardware products that include Oculus virtual-reality headsets.
All of the other four trillion-dollar companies on U.S. exchanges are from the tech sector:
The only other company in the world with a valuation of $1 trillion is also the world’s most valuable business — oil giant Saudi Aramco, which is valued at more than $7 trillion. It trades on the Saudi stock exchange Tadawul.