Meta Shares Surge 3% to Record High of $1.58 Trillion After U.S. Court Upholds TikTok Ban

Dec 6, 2024, 09:10 PM

Meta Platforms Inc. saw its stock rise nearly 3% on December 6, 2024, closing at a record high of $1.58 trillion in market capitalization. This surge follows a ruling by a U.S. appeals court that upheld a potential ban on TikTok, which many analysts believe could significantly benefit Meta's platforms, including Facebook and Instagram. In 2022, Meta was reported to have orchestrated a lobbying campaign to label TikTok as a major competitive threat. The favorable court ruling has led to increased investor confidence in Meta, with shares closing alongside Amazon at record levels.