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Facebook Market Cap Exceeds $1 Trillion as Congress Ramps Up Antitrust Legislation Against Big Tech

© REUTERS / Stephen LamAttendees walk past a Facebook logo during Facebook Inc's F8 developers conference in San Jose
Attendees walk past a Facebook logo during Facebook Inc's F8 developers conference in San Jose - Sputnik International, 1920, 28.06.2021
Earlier this month, a bipartisan collection of US lawmakers in the House of Representatives introduced a total of five bills geared, in part, toward curbing Big Tech's corporate consolidation of businesses. The proposed legislation particularly targets Apple, Amazon, Google and Facebook, which notably avoided an antitrust lawsuit on Monday.

For the first time, Facebook has closed with more than $1 trillion in market capitalization, according to a Monday report from CNBC.

Shares for the tech conglomerate closed up around 4.2%, or $355.64, on June 28. 

Market capitalization, or 'market cap,' refers to the value of a company's worth on the open market, which is measured by multiplying the company's outstanding shares of stock by the market price of a single share. 

The Monday jump in Facebook's shares and market cap came shortly after a federal court issued a  same-day dismissal of a complaint filed by the Federal Trade Commission (FTC). According to Judge James E. Boasberg, the FTC's complaint was "legally insufficient" to prove that Facebook - which owns WhatsApp and Instagram - has "monopoly power." 

A twin case issued by 48 US state attorney generals was also dismissed by the federal court. 

Despite the recent legal win for Facebook, the tech conglomerate is just one of many Big Tech companies targeted by recent antitrust legislation that has garnered bipartisan support in the House. 

Facebook spokesperson Christopher Sgro told the New York Times on June 22 that the series of proposed antitrust laws should be geared toward promoting "competition" and protecting consumers, rather than punishing "successful American companies." 

If passed, the antitrust laws aimed at reining in Facebook, Apple, Amazon and Google could be Washington's most aggressive push to curb the Big Tech giants' market dominance, as well as the companies' efforts to absorb competitors. 

The antitrust legislation push has been applauded by smaller tech companies such as Roku, which has accused YouTube TV parent company Google of attempting to make it agree to "predatory, anti-competitive and discriminatory terms" in exchange for the availability of the virtual cable service on Roku's market. 

"We’ve seen how they flagrantly ignore antitrust laws and harm consumers by leveraging their dominance in one line of business to stifle competition in another," the company said to CNET

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