Facebook Joins $300-Billion Club

IAS Prelims 2023

Facebook, the 11-year-old social media company founded by Mark Zuckerberg surpassed the $300-billion mark in market capitalisation.

Facebook became the seventh most valuable firm in the U.S., with market capitalisation touching $303 billion and joined Alphabet, Apple, Microsoft and Amazon among the top 10 ranks.

The surge in market value came on the back of Facebook posting $896 million in third quarter profit on a revenue of $4.5 billion.

In comparison, GE reported a profit of $2.51 billion on a revenue of $41.7 billion for the third quarter. It overtook General Electric (GE) along the way.

Facebook shares touched a high of $108 after the results valuing the tech giant at a whopping $306 billion, surpassing the about $300-billion market cap of GE.