In August, the Federal Trade Commission re led a lawsuit that, if successful, could force Facebook to split up its Instagram and WhatsApp businesses. So far no amount of regulatory danger or controvers­y—including criticism from President Biden over Facebook’s role in proliferat­ing vaccine misinforma­tion—has been able to curb the social media company’s steady stock-market ascent. In June, Facebook hit a $1 trillion market capitaliza­tion for the rst time. The fortune of its founder and CEO has risen by $49.5 billion in one year.

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