Social media giant, Facebook, has hit a $1 trillion valuation, following the dismissal of two antitrust lawsuits against the company. 
Facebook’s stock closed higher on Monday at $355.64 per share which contributed to the trillion-dollar valuation, Business Insider reported.
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The rise came after a United States court dismissed complaints by the Federal Trade Commission and a group of state attorneys generals against the social networking company.
The FTC has claimed that Facebook is exercising monopoly as the social media giant controls over 60% of the social-networking market.
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In the ruling of the case, US District Judge James Boasberg in Washington dismissed the claim, as he explained that there was no proof to support their claim.
In a separate case, 46 state attorneys general formed a coalition to question Facebook’s purchase of WhatsApp and Instagram, claiming that the acquisition was a tactic to hinder competition from upcoming social-media rivals.
Dismissing the case, Boasberg said that social networking services are “free to use, and the exact metes and bounds of what even constitutes a (social networking) service, which features of a company’s mobile app or website are included in that definition.”
The dismissal of both cases resulted to a 4.2% rise in Facebook’s stock, leading to a $1 trillion value.
As a result, Facebook, which was co- by Mark Zuckerberg in 2004, became the youngest and fifth US company to reach the 13-digit milestone.
Other companies that have crossed the milestone include Apple, Microsoft, Amazon, and Google parent company, Alphabet.
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