Zuckerburg’s Meta Wins FTC In An Antitrust Lawsuit
The United State Federal Trade Commission (FTC) lost the antitrust case against Zuckerburg and Meta over the proposed acquisition of Within Unlimited.
In July 2022, the Federal Trade Commission (FTC) dragged Mark Zuckerberg and Meta to the law court after the social media giant announced plans to acquire Within Unlimited, a VR startup. According to FTC Chair, Lina Khan, if Meta successfully acquires the VR workout game maker, Facebook would be extremely powerful in the flourishing social industry. However, in a recent ruling, Zuckerburg alongside his social media company won the antitrust case involving the VR startup purchase.
Many industry competitors have raised eyebrows against the frequent purchase of smaller counterparts by larger tech giants. In a legal complaint by FTC, the U.S. antitrust watchdog said:
“That lessening of competition may result in reduced innovation, quality, and choice, less pressure to compete for the most talented app developers, and potentially higher prices for VR fitness apps,”
FTC Antitrust Case: Meta’s Metaverse Shopping Spree
Meta has become famous for its usual purchase of upcoming VR companies thereby fortifying its quest to become a topper in the metaverse market. In 2014, Meta purchased VR headset maker Oculus for $2 billion which is currently an integral part of its mega strategy for the metaverse. The social media giant has tweaked its branding and tech around the metaverse-focused VR device Quest Pro.
Unfortunately for Meta, Horizon Worlds its leading metaverse product has failed to generate expected returns. Hopefully, its proposed purchase of Within Unlimited will turn Meta’s awful shopping spree around. The company has spent over $36 billion in acquiring several VR startups. Notably, Meta acquired Within Unlimited’s competitor, Beat Saber in 2019 and also purchased Luxexcel, a smart eyewear company last year. Meta is yet to give any details on either of the purchases.
Meta is set to proceed with the acquisition of Within Unlimited after winning the antitrust case against the U.S. FTC.
