Facebook. shares jumped after an antitrust victory helped push its market value above $1 trillion, making the social-media giant the fastest company to reach the milestone.
Shares rose 4.2% on Monday to $355.64, the most in two months, after a judge granted its request to dismiss two complaints filed last year by the U.S. Federal Trade Commission and state attorneys general.
The stock has advanced 30% this year amid increased public reliance on Facebook’s apps for staying in touch with friends and businesses during the Covid-19 pandemic, leading to steady growth in users and strong demand for digital advertisements.
Facebook is the youngest company to reach $1 trillion in market value in only 17 years. They said in April that revenue in the current quarter would remain steady or accelerate from the first quarter when sales expanded 48% to $26.2 billion.
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