Facebook passes Amazon in market cap and now sits on the brink of an exclusive club
Facebook shares closed at a record high Friday even as the broader market for tech stocks slipped.
Company's valuation briefly touches $500 billion and ends Friday at $499.8 billion.
Combined with Amazon's post-earnings stock drop, Facebook is now the fourth-most valuable U.S. technology firm.
Mark Zuckerberg, founder and CEO of Facebook
Photo by Bloomberg
Mark Zuckerberg, founder and CEO of Facebook
Facebook shares sit on the brink of entering a very exclusive club.
The company's stock on Friday nudged up 1 percent, even as the broader market for tech stocks slipped, to set a new closing high of $172.45.
The shares rose for a second straight day after the company reported second-quarter sales, profit and user growth that topped Wall Street expectations late Wednesday.
The stock move up pushed Facebook's valuation to $499.8 billion, or almost half-a-trillion dollars, after briefly touching that lofty level in intraday trading both Thursday and Friday. (According to Yahoo Finance.)
Combined with the drop in Amazon shares, the trading action left Facebook as the fourth-most valuable technology firm at week's end.
If Facebook rises to another high next week to close at or above a $500 billion valuation, it will join Apple, Alphabet and Microsoft as the only U.S. tech stocks to be so valued.
Congratulations @davidodeareduo! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @davidodeareduo! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!