As the stock market closed for the day on June 28, 2021, Facebook officially became the next $1 trillion tech company. It's a milestone that puts Facebook among the ranks of the largest players in the tech world and signifies that the social media giant isn't going anywhere any time soon.
Facebook has found itself in the headlines quite a bit in recent years. More often than not, it's not for positive reasons. Whether the site is being criticized for letting users spread misinformation, forcing Oculus Quest owners to log in with a Facebook account to use the VR headset, or having to do damage control for numerous data breaches that compromise user info, Facebook often finds itself in a lot of hot water. That can make it appear that the company isn't doing too well, but this news shows that all of that bad press hasn't stopped Facebook from being a massive success.
At around 4:30 PM on June 28, Yahoo Finance indicated that Facebook's market cap was sitting at $1.008 trillion. That makes it the fifth tech giant to hit the $1 trillion mark, with the others including Apple, Microsoft, Amazon, and Alphabet (Google's parent company). This news also comes just one week after Microsoft became the second tech brand to be valued at over $2 trillion, with it and Apple being the only ones to hit that next milestone.
How Facebook Became A $1 Trillion Company
As for how Facebook got to this point, there are a number of reasons for its success. At the heart of the company is the Facebook website/app, which touts around 2.5 billion monthly users and is the largest social media platform on the planet. Facebook Messenger has also stood out as one of the most iconic messaging platforms, which alone has more than 1.3 billion users.
Then there are all the companies Facebook has purchased over the years. WhatsApp is the world's most-used messaging app, Instagram hails among the top social media platforms, and Oculus is the go-to brand for consumer virtual reality. The Facebook empire has done nothing but grow since its inception over two decades ago. While the road to this point has certainly been bumpy, it's clear that past controversies haven't been enough to stop Facebook's momentum. It's possible things may change in the coming years as members of U.S. Congress keep making attempts to break up big tech, but at least for the time being, Facebook is bound to do nothing but keep growing bigger and bigger.
Source: Yahoo Finance