Facebook reached a $1 trillion market capitalization in June 2021 after a strong rise in digital advertising revenue.
The company crossed the threshold on June 28, 2021, following a favorable U.S. court ruling and a period of strong advertising demand. Facebook was then the parent company’s corporate name; it changed that name to Meta Platforms in October 2021.
Facebook’s business model centered on selling targeted advertising across Facebook, Instagram, and other services. Its enormous user base made those platforms valuable to advertisers, while the company also invested heavily in virtual and augmented reality through its Reality Labs division.
The name change can create a common mix-up in trivia questions. The 2021 milestone was achieved by Facebook as the company was then called, although the publicly traded corporation is now Meta Platforms.