Facebook Rises After Lawsuit Dismissal, Hits $1 Trillion Value
Facebook shares posted their biggest intraday gain in two months after it won a dismissal of two antitrust cases, pushing its market value above $1 trillion for the first time. The social-media giant jumped as much as 4.4%, the most since April 29 after a judge granted Facebook's request to dismiss the complaints filed last year by the U.S. Federal Trade Commission and state attorneys general. Reader phalse phace writes: A federal court on Monday dismissed the Federal Trade Commission's antitrust complaint against Facebook, dealing a major setback for the agency's complaint that could have resulted in Facebook divesting Instagram and WhatsApp. "Although the Court does not agree with all of Facebook's contentions here, it ultimately concurs that the agency's complaint is legally insufficient and must therefore be dismissed," reads the filing from U.S. District Court for the District of Columbia. "The FTC has failed to plead enough facts to plausibly establish a necessary element of all of its Section 2 claims -- namely, that Facebook has monopoly power in the market for Personal Social Networking (PSN) Services." The court dismissed the complaint, not the case, meaning the FTC could file its complaint once again.
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