Stock in Facebook reached an all-time high yesterday, as the social media giant cleared $200 billion in value. According to analysts, this makes Facebook the 22nd largest company on Earth, just behind Verizon Wireless (and just beating Toyota).
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Shares in Facebook ended trading yesterday at $77.89, rising 0.8 percent. The company is now worth $201.6 billion after yesterday's day on Wall Street.
Most of the investor excitement comes after the company introduced new strategies for mobile advertising, a massively untapped revenue market for social media. Stock has jumped over 9 percent since July 23.
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"This latest rally stems from their last earnings announcement, when they reported higher demand and sales numbers for their mobile ads," according to Jeffrey Sica, president of Sica Wealth Management, in a statement to Bloomberg. "If they can continue to grow their mobile ads, they will have a sustainable demand for their stock."
Facebook released their IPO in 2012 and quickly faltered on Wall Street amid questions of the site's ability to earn consistent advertising revenue and keep users (especially teens) interested and online. In the two years since, investors have accepted that their initial skepticism was unfounded. Now, Wall Street has catapulted Facebook to the top 25 companies in the world and added buckets of cash to Facebook founder and CEO Mark Zuckerberg's coffers.
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