The company was valued at $238 billion at the close of Tuesday trading, bumping its stock by 3.7 percent, at $87.88. Walmart’s stock dipped 22 cents to $72.57, valuing at $238 billion. Shares of Facebook jumped further by 0.9 percent on Wednesday trading, at $88.67 making the company worth $249 billion. The stock is still on the upswing, considering it has already achieved the milestone to all-time high on the stock market. This massive shift seems to bring smile on the faces of the investors, in fact that would probably put a smile on anyone’s face. And why not? The impressive rise has created a fleet of billionaires among its founders and officers, and put a healthy sum in the investors’ pockets.
Not to forget, the CEO and founder Mark Zuckerberg, who owns over 475 million shares of Facebook; his shares are now valued at $37.7 billion. However, apart from the fact that Facebook is now worth more than Walmart, the company’s diversification with drones, virtual reality, driverless cars amidst other expansion arenas, is what makes Facebook more than just a social network. Stepping into the virtual reality space, there’s just more to it than what Facebook’s been hiding under its sleeves. Adding more to it, the company has recently announced a new mobile video ad format aimed at creating more immersive and more engaging customer base.
Facebook shares have been on the roll this past year, with a 34 percent climb from the last year compared with just 8.2 percent for the S&P 500 index. The stock is up more than 12 percent this year, and the quarterly results have already surpassed expectations. Now that the company has driven Walmart out of the top 10 biggest S&P 500 companies race, it’s probably heading for the throne. That being said, Apple is still the most valuable company in the world based on market cap valued at more than $735 billion.