Facebook became the world's 22nd largest company after its market value crossed the $200 billion mark yesterday. The company's stock closed at an all time high of $77.89, which is more than twice the $38 IPO price, giving it a market capitalization of $201.6 billion. By comparison, Apple has a market cap of $560 billion, while Google's market cap stands at around $400 billion.

The world's most popular social network now ranks between Verizon Communications and Toyota Motor Corp, which are at 21st and 23rd positions, respectively, on the list of the world's biggest corporations.

Some of the key reasons behind the surge in the Facebook's stock price include strong quarterly results, improved user growth, and solid mobile-advertising figures. Analysts believe that the future prospects of the company are bright given the fact that it hasn't even begun to monetize some of its big-ticket acquisitions like Instagram and Whatsapp. The company also recently acquired virtual-reality headset maker Oculus VR for about $2 billion.

Facebook is also focusing on expanding its user base outside of the US. Just yesterday, the social network announced that it now has 100 million monthly active users in Africa, with more than 80 percent of them accessing the website from mobile devices.

As for CEO Mark Zuckerberg, who owns 61.6 percent of the company's voting power, the stock's rise has boosted his wealth to $34.5 billion.