FB Stock News: Meta Platforms Inc surges again and closes the week up more than 15%

NASDAQ:FB gained 4.16% during Friday’s trading session.
Amazon closes $8.5 billion merger with MGM.
Alphabet acquires Raxium to target future AR/VR technology.

Stocks Reporter FXStreet

NASDAQ:FB had a good week to say the least as the global social media leader gained more than 15% during the past five sessions. Shares of FB surged a further 4.16% on Friday and closed the trading week at $216.49. US markets had their single best week since November of 2020 after the Federal Reserve implemented its first interest rate hike since 2018. All three major indices soared higher this week, with the Dow Jones adding 274 basis points, the S&P 500 gaining 1.17%, and the NASDAQ extending its hot streak to jump by a further 2.05%.

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Big tech companies were busy this week, as Amazon (NASDAQ:AMZN) managed to finally close its $8.5 billion merger with MGM Studios. The acquisition means that Amazon will acquire the rights to all of MGM’s intellectual property that it can add to its Amazon Prime Video platform. This includes the James Bond series and over a century of oher Hollywood films and television series. The move beefs up Amazon’s library as it continues to go head to head with Netflix (NASDAQ:NFLX) and Disney+ (NYSE:DIS) for streaming supremacy.

Facebook stock price

It seems that another big tech company is making strides and preparing for the impending arrival of the Metaverse. Earlier this week, Alphabet (NASDAQ:GOOGL) acquired the MicroLED startup, Raxium, which Alphabet gave a $1 billion valuation to. Raxium creates components for MicroLED displays and Alphabet is hoping to leverage the technology for a foray into augmented reality. Alphabet previously had its Google Glass, but has since cancelled the project.

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