Facebook's market value tops $200 billion

The social networking site has now become the 22nd largest company in the world

The market value of the social networking site Facebook has crossed the $200 billion mark, making it the 22nd largest company in the world.

The company's stock closed at $77.6 Monday - a new all-time high - giving it a market capitalisation of $200.26 billion, media reports said.

According to reports, future prospects for Facebook are bright because the firm is yet to monetise acquisitions like photo-sharing site Instagram and mobile messaging service WhatsApp.

It is also some time away from placing a significant number of pricey video ads in users' news feeds.

Facebook has also purchased virtual reality headset maker Oculus VR Inc for nearly $2 billion.

The company also announced Monday it now has 100 million users in Africa.

The company now ranks just behind Verizon Communications Inc and ahead of Toyota Motor Corp on the list of the world's biggest corporations.