Meta Platforms (NASDAQ: META), the company behind popular social media apps such as Facebook, Instagram, and WhatsApp, has been one of the hottest stocks to own this year. Up over 180%, its returns have dwarfed other big tech stocks; Alphabet and Microsoft are up over 50%. Shares of Tesla have risen by more than 90%.

A stronger ad market and a more optimistic outlook for the tech company has helped propel Meta to a valuation of more than $870 billion. Is the stock headed for a $1 trillion market cap, and is it worth buying right now?

This year has been a good one for Meta Platforms for a couple of reasons. First, the stock is rebounding from a horrendous year in 2022 when its shares fell by 64%. Its valuation arguably reached a low that it shouldn't have as it was badly oversold. That much is evident just by looking at the incredibly low price-to-earnings multiple it was trading at by the end of the year.

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Source Fool.com