It is another first for Facebook 's stock: a third digit.
Already the fastest company ever to reach $250 billion in market value, the social network operator has jumped over $100 a share, capping a 475 per cent rally since September 2012 for the fourth-best performance in the Standard and Poor’s 500 Index.
"The big seminal event for Facebook was showing they could make significant money and turn themselves into a well-run company," Tim Ghriskey, managing director and chief investment officer at Solaris Asset Management, said . "They've seen strong growth in advertising spending and viewership."
Stocks surged
It breached the $100 level on a day when technology stocks surged the most since August 26th, as
Microsoft
,
parent
Alphabet
and
Amazon
added almost $100 billion in combined market value after quarterly profit topped estimates.
As Facebook's stock has increased, so has the net wealth of its founder and chief executive officer, Mark Zuckerberg.
His fortune has risen $9.1 billion in 2015, the second-biggest increase for US billionaires behind Amazon founder Jeff Bezos. – (Bloomberg)
