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.
Source: Tech CNBC
Facebook passes Amazon in market cap and now sits on the brink of an exclusive club