Shares of Facebook had an exciting day on Friday, closing at a new closing high of $172.45. The stock saw its shares rise for the second day after reporting a second quarter report on late Wednesday that beat what analysts had been waiting for.
Sales and profit, as well as user growth for the online social media giant topped the Street’s expectations.
With shares rising, the stock met a new valuation of $499.8 billion, which has made the company the fourth most valuable technology firm. This new milestone was also thanks in part to Amazon shares dropping after the company reporting a dismal quarterly report.
If the stock hits over $500 billion, it will be just among four companies, including Apple, Microsoft, and Alphabet, to be U.S. stocks valued this high.
Disclaimer: We have no position in Amazon.com, Inc. (NASDAQ: AMZN) nor Facebook, Inc. Common Stock (NASDAQ: FB) and have not been compensated for this article.