Facebook has consistently proven itself to be the dominant social media in terms of profitably. After 17 years of activity, the conglomerate has reached a massive $1 Trillion market cap.
According to a report by Yahoo Finance, Facebook crossed the one trillion mark with $8 billion to spare. At the time of writing, the company is valued at $1.008 trillion – nearly double that of social media competitor, Twitter.
Why is Facebook worth a trillion dollars?
Facebook isn't valued at over $1 trillion just because of their successful social media platform. In fact, Facebook's near two-decades of business have given the company access to a collection of other outlets.
Divisions such as Instagram, Messenger, WhatsApp, Oculus VR, LiveRail and more are all included in the company's valuation. The company only shot up in value following its win of a massive antitrust lawsuit. Facebook's ownership of Instagram and WhatsApp was deemed not to be part of a social media monopoly.
Despite Facebook's win, politicians are still attempting to tackle the company's hold on the market. Yesterday, Rep. Ken Buck tweeted that Facebook's win proves antitrust regulations need to be reformed. However, the congressman didn't explain how Big Tech should be combatted.
“Today’s development in the FTC’s case against Facebook shows that antitrust reform is urgently needed. Congress needs to provide additional tools and resources to our antitrust enforcers to go after Big Tech companies engaging in anticompetitive conduct.”
Republican congressman, Ken Buck.
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What's next for the company?
In 2020, Mark Zuckerberg details a five-step plan to keep the company running well into 2030. Zuckerberg explained that the company is abandoning year-to-year milestones in favour of large-scale plans.
One aspect where Facebook is looking to grow is by focusing on the “next computing platform". Zuckerberg bets that the next smartphone boom will be in augmented and virtual reality. Despite early technology being clunky at best, newer devices are aiming to be more user friendly.
Zuckerberg explained:
“Augmented and virtual reality are about delivering a sense of presence - the feeling that you're right there with another person or in another place. Instead of having devices that take us away from the people around us, the next platform will help us be more present with each other and will help the technology get out of the way. Even though some of the early devices seem clunky, I think these will be the most human and social technology platforms anyone has built yet.”
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