Facebook’s debacle of an initial public offering seems a long time ago.

Shares in the world’s largest social networking site Facebook closed 16 per cent higher at $109.11 in its second best day since it went public in 2012.

The rally, which came on the back of expected fourth-quarter results that saw it capture more share of the mobile advertising market, pushed Facebook’s market value up to $308.2bn, making it the sixth largest company in the world.

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