Facebook hits all-time high: Tops Walmart

June 25 01:28 2015

Facebook stock just set an all-time high Wednesday – cementing its stature as one of the most important and most valuable companies in the world. Shares of the leading social networking company Wednesday jumped 76 cents, or 0.9%, to $88.67 to make the company worth $249 billion. The stock is up more than 12% this year – and is now taking on a size and influence that’s hard to ignore.facebook-promesaartstudio

Facebook is now the tenth most-valuable stock in the Standard & Poor’s 500 – exceeding the $233 billion market value of the world’s biggest retailer: Walmart (WMT). The impressive rise in Facebook’s shares has created billionaires among its officers and founders but also enormous wealth for investors who signed up early. Facebook first sold its stock to the public in May 18, 2012 at $38 a share, giving the company a market value of $104 billion at the time.

Little more than three years later, the company has completely upended online advertising and made a fortune in the process. Facebook’s stock has a rocky start at first following its initial public offering as investors worried it was being left behind in the mobile communication revolution. But Facebook reasserted itself as a leader – connecting with users with new forms of advertising for mobile as well as buying popular mobile photo sharing site, Instagram. Shares have skyrocketed 133% since Facebook’s initial public offering. That blows away the impressive 62% gain by the S&P 500 during the same period. CEO and founder Mark Zuckerberg – the largest single owner of Facebook – has seen his shares reach a value of $37.7 billion.