Facebook is now worth $250b/49tr Naira according to Bloomberg. Facebook became the first social media company to publicly trade on a stock exchange in May of 2012. The IPO met with some turbulence but at eh close of trading yesterday, Facebook shares had climbed by about 2.4% putting its market value at $250b.
Since the IPO time, Facebook had gone ahead to acquire WhatsApp for about $20b, Instagram for about $1b, Oculus for about $2b among other companies. Over 700 million people now use WhatsApp while another over 500 million use Facebook’s messenger app. No single company has this level of users on its platform. Facebook’s Instagram has witnessed a tremendous growth as well even surpassing Twitter user base at a time.
Facebook reported earnings in line with expectations earlier in April.
Apple is still the biggest tech company in the world with a market value of about $750b/149tr Naira