Facebook's High Hit At The Start Of The Week

  Facebook's High Hit At The Start Of The Week   Company's Major Victory In The Legal Battle  

What happened

Facebook FB (NASDAQ) $355,64 +14,27 (+%4,18) is now a company valued at over $1 trillion after the 4,2 % gain in stock price it saw Monday. Due to the very good legal news, the shares of the Social Media Giant caused such a huge increase.

So what

Judge James Boasberg of the U.S. District Court for the District of Columbia, in a new ruling, overturned the government's antitrust complaints previously filed by the Federal Trade Commission (FTC) and 46 states. They claimed that the company once acquired rivals to stifle competition in the vast social media space.

Company's Major Victory In The Legal Battle

The judge overturned the verdict, arguing that it was too late to make these complaints (the Instagram deal was closed in 2012 and WhatsApp was absorbed by Facebook in 2014). Although Judge Boasberg said the FTC could file a new complaint by July 29, he did not invite other states to do so.

Now what

Lifting the big legal burden off the tech giant's back the technology giant has caused Facebook to breathe a sigh of relief. And even if the FTC comes up with a new complaint, it's not expected to have a great chance of success as a result of the current decision.  

Source: The Motley Fool

 

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