Facebook is Now Worth More than Coca-Cola
Now the company’s $190 billion market value makes it bigger than such bellwethers as Coca-Cola and AT&T.
Shares of the world’s No. 1 social network touched a record high of $76.74 on Thursday after earnings and revenues easily topped analysts’ forecasts, boosting its market value to nearly $194 billion. That ranks it 15th in the Standard & Poor’s 500 benchmark index, just below the $196 billion market cap of International Business Machines Corp.
“A 100-year-old company with real assets versus a company admittedly with virtual assets and they are trading at the same market cap – crazy,” said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. The speed of Facebook’s rise to mega-cap status is what’s notable.
Its intresting to note that it took Apple Inc nearly three decades to achieve such a market value; Google Inc needed five years. Facebook has only been public for a little more than two years, and only joined the S&P 500seven months ago. Since S&P Dow Jones Indices announced the addition on Dec. 11, Facebook shares have risen 54 percent.
Meanwhile Mark Zuckerberg has overtaken Amazon’s founder Jeff Bezos, and both Google Co-founders Larry Page and Sergey Brin, to become the 16th richest man on the planet.