Facebook Soars Past $1 Trillion Market Cap After District Judge Dismisses FTC's Anti-Trust Case

 Facebook Soars Past $1 Trillion Market Cap After District Judge Dismisses FTC's Anti-Trust Case

 BY TYLER DURDEN MONDAY, JUN 28, 2021 - 03:15 PM

 Facebook stock soared to a new record high after a District judge dismissed two antitrust cases filed by the federal government and a coalition of states.

U.S. District Judge James Boasberg in Washington on Monday granted Facebook’s request to dismiss the complaints filed last year by the U.S. Federal Trade Commission and state attorneys general led by New York’s Letitia James.

According to Boasberg's opinion, the FTC didn't offer enough details to show that Facebook has a monopoly for social networking services.

As Bloomberg notes, with the ruling, Facebook has escaped the most significant regulatory threat to its business to emerge out of the wider crackdown on U.S. technology giants. The decision also delivers a blow to the FTC and the states, which claimed Facebook violated antitrust laws by buying photo-sharing app Instagram and messaging service WhatsApp in order to cut off emerging competitive threats and protect its monopoly.

Boasberg’s decision to toss the Facebook complaints shows the hurdles U.S. antitrust enforcers face in trying to take on the internet giants. Officials on their own can’t break up companies or impose other remedies, but instead must persuade judges to take action. The process can take years.

Facebook stock surged more than 3% on the news, sending the stock to a new all time high...

... and pushing the company's market cap above $1 trillion for the first time ever, where FB joins the other quatro comas FAAMG club members.

The full opinion is below (pdf link).

https://www.zerohedge.com/markets/facebook-soars-past-1-trillion-market-cap-after-district-judge-dismisses-ftcs-anti-trust

 

Comments

Post a Comment

Popular posts from this blog

Report: World’s 1st remote brain surgery via 5G network performed in China

World’s 1st remote brain surgery via 5G network performed in China Published time: 17 Mar, 2019 13:12 ·           A Chinese surgeon has performed the world’s first remote brain surgery using 5G technology, with the patient 3,000km away from the operating doctor. Dr. Ling Zhipei remotely implanted a neurostimulator into his patient’s brain on Saturday, Chinese state-run media  reports . The surgeon manipulated the instruments in the Beijing-based PLAGH hospital from a clinic subsidiary on the southern Hainan island, located 3,000km away. The surgery is said to have lasted three hours and ended successfully. The patient, suffering from Parkinson’s disease, is said to be feeling well after the pioneering operation. The doctor used a computer connected to the next-generation 5G network developed by Chinese tech giant Huawei. The new device enabled a near real-time connection, according to Dr. Ling.  “You barely feel that the patient is 3,000 kilometers away,”  he said.
Read more

Visualizing The Power Of The World's Supercomputers

Visualizing The Power Of The World's Supercomputers   BY TYLER DURDEN FRIDAY, JAN 21, 2022 - 04:15 AM   A supercomputer is a machine that is built to handle billions, if not trillions of calculations at once. Each supercomputer is actually made up of many individual computers (known as nodes) that work together in parallel. A common metric for measuring the performance of these machines is  flops , or  floating point operations per second . In this visualization,  Visual Capitalist's Marcus Lu uses  November 2021 data from  TOP500  to visualize the computing power of the world’s top five supercomputers. For added context, a number of modern consumer devices were included in the comparison. Ranking by Teraflops Because supercomputers can achieve over one quadrillion flops, and consumer devices are much less powerful, we’ve used  teraflops  as our comparison metric. 1 teraflop = 1,000,000,000,000 (1 trillion) flops. Supercomputer Fugaku  was completed in March 202
Read more

BMW traps alleged thief by remotely locking him in car

BMW traps alleged thief by remotely locking him in car Stealer's Wheel? Seattle police department quotes "Watchmen" movie in a recap of the recent arrest. Tech Culture by Gael Fashingbauer Cooper December 4, 2016 5:00 PM PST It's maybe the most satisfying arrest we can imagine. Seattle police caught an alleged car thief by enlisting the help of car maker BMW to both track and then remotely lock the luckless criminal in the very car he was trying to steal. Jonah Spangenthal-Lee, deputy director of communications for the Seattle Police Department, posted a witty summary of the event on the SPD's blog on Wednesday. Turns out if you're inside a stolen car, it's perhaps not the best time to take a nap. "A car thief awoke from a sound slumber Sunday morning (Nov. 27) to find he had been remotely locked inside a stolen BMW, just as Seattle police officers were bearing down on him," Spangenthal-Lee wrote. The suspect found a ke
Read more