Lobbying power isn't just a factor of market cap. For example, consider how media groups such as the RIAA and MPAA have pushed for ever more intellectual proper

Lobbying power isn't just a factor of market cap. For example, consider how media groups such as the RIAA and MPAA have pushed for ever more intellectual property laws despite being smaller than the groups that would benefit from copyright reform. Similarly with Article 11 and 13 of the proposed EU digital copyright directive. There's only so much money you can throw at lobbying: beyond a certain point there's diminishing returns, not to mention the criticism (warranted or not) that lobbying tends to atttract. Industries that employ more people or have a strong local presence can also punch above their weight. And of course, much as we might pretend otherwise politicians are capable of holding their own opinions, too. It's not just AT&T that's opposed to this bill, either. A wide range of cable companies and ISPs are lobbying against it: https://arstechnica.com/tech-policy/2018/04/att-and-cable-lobby-are-terrified-of-a-california-net-neutrality-bill/ https://arstechnica.com/tech-policy/2018/04/att-and-cable-lo... > AT&T and the lobby group that represents Comcast, Charter, Cox, and other cable companies have been making their displeasure known to lawmakers in advance of hearings on a bill that could impose the toughest net neutrality law in the nation. The California bill implements the FCC's basic net neutrality rules from 2015, but it also bans paid zero-rating arrangements in which home or mobile Internet providers charge online services for data cap exemptions.