New Facebook Lawsuit Alleges Tech Giant Conspired to ‘Crush’ Competition

Executives of a now-defunct photo app filed an antitrust complaint against Facebook on Thursday alleging the company schemed to end their company.

The complaint, filed by executives of a start-up image app called Phhhoto, alleges that Facebook employed anti-competitive business tactics to throttle the smaller company after it refused a business deal with the tech giant. Specifically, the suit alleges that Mark Zuckerberg personally downloaded the app, approached Phhhoto for a partnership and later pursued a campaign against the start-up after no deal materialized.

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Congress’ Antitrust Legislation Avoids Regulating Many Big Tech Companies

Last-minute changes to major antitrust legislation working its way through the House appears to exempt several Big Tech companies from being affected by its regulations.

The legislation, which has been months in the making and was crafted to take on Big Tech monopolies, targets a handful of companies while excluding others that also have massive market power, a leading expert told the Daily Caller News Foundation. Existing federal and state antitrust law already prohibits a wide range of anticompetitive business activity across all industries like unlawful mergers and monopolization.

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Facebook Becomes Fifth Tech Company Worth More Than $1 Trillion

Facebook’s market capitalization, or total dollar value, closed above $1 trillion for the first time ever Monday, making it the fifth U.S. company to reach such size.

Facebook exceeded the $1 trillion mark after a year in which the company experienced massive user and earnings growth, CNBC reported. Apple, Alphabet, Microsoft and Amazon – all fellow Big Tech companies – are the only other U.S. companies that have also surpassed $1 trillion in market capitalization, according to Axios.

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