Mark Zuckerberg Grows $5.1 Billion Richer As Judge Dismisses FTC’s Antitrust Case Against Facebook
A US federal judge has dismissed several antitrust cases against Facebook brought by the FTC and state authorities. The dismissal has caused Facebook's stock prices to soar.
Monday’s decision allowed the social media giant to cross the $1 trillion threshold in market value for the first time ever. The rising shares are a cause for celebration for shareholders and CEO Mark Zuckerberg alike. The 4.1% stock price increase has added $5.1 billion to Zuckerberg’s name.
However, the federal judge’s decision and the stock movement emphasise the complexities surrounding the social media giant’s future. Facebook has critics on either side of the political spectrum and has been harshly criticised for its handling of user data.
The company’s opponents had hoped antitrust legal action would deliver a blow to Facebook’s, reducing its significance and delivering a measure of regulation. Although the regulator’s complaint was dismissed, the case was not. This means that, in the near future, the FTC could potentially refile another complaint against Facebook. The judge has given the FTC thirty days to refile.
Facebook was founded in 2004 by Mark Zuckerberg and has an approximate net worth of $279.95 billion.