- The Federal Trade Commission Litigated Meta over VR Fitness app Acquisition.
- FTC Litigated Meta for monopolizing the private social networking market in the First quarter of 2022.
On wednesday 27th 2022 The Federal Trade Commission is Litigating the owner of Facebook Meta from buying Within unlimited a company that makes virtual reality fitness applications supernatural.
John Newman, extending his statement, mentioned that “Meta already owns a best-selling VR fitness app, and Meta also has the potential to compete with Within’s famous supernatural applications more closely.” “Meta chooses the option of buying a market position instead of earning it on the basis of merits.”
Considering the allegations made against the platform Meta, one of its official spokespersons stated in its defense “The case is totally based on conjecture and ideology, not on the proof of such an allegation.” “The idea that this acquisition would lead to anticompetitive outcomes in a dynamic space with as much entry and growth as online and connected fitness is simply not credible.”
Meta Spokesperson further added that the FTC legal action conveys a “chilling message to those who wish to innovate in Virtual Reality,” and Meta is “confident that our acquisition of Within will prove to be good for people, developers, and for the Virtual Reality space.”
The FTC filed a case against Meta’s CEO and shareholder, Mark Zuckerberg, and critics argue that Facebook’s acquisition of Instagram and WhatsApp around a decade ago should have been investigated by the federal trade commission.
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The Federal Trade Commission is Litigating Meta separately for illegally monopolizing the private social networking market. The FTC accused Meta of using the two acquisitions to shut down growing competitors in order to increase its own control over the market.
Meta initially dismissed the illegal monopoly case, but the Federal Trade Commission did not give notice of dismissal and is moving it to federal court after the judge allowed the FTC to review their complaint once again.
In the present era, Meta is becoming a social media giant and is at the top of the list of all social media platforms. In the first quarter of 2022, Meta made an announcement of entering the Metaverse industry with an alliance of many other technology giants around the globe.
Source: https://www.thecoinrepublic.com/2022/07/28/the-federal-trade-commission-ftc-litigates-meta-over-vr-fitness-app-acquisition/