FTC alleges Meta is trying to monopolize VR industry.
July 28,2022
The US Federal Trade Commission filed a complaint to block Meta, formerly known as Facebook, from acquiring Within, a virtual reality company.
Meta and Within announced they were entering into a $400 million acquisition deal in October.
FTC argued that Zuckerberg’s Meta could monopolize VR fitness apps if it’s allowed to buy Within.
According to the trade commission, Meta is trying to control the entire VR ecosystem and the company is buying up competitors.
FTC alleged if Meta acquires Within, the company will “no longer have any incentive” to improve its products, since it won’t have any rivals to compete with “on the merits.”
Meta’s acquisition of Within violates federal antitrust laws by eliminating the need to compete in the marketplace, the FTC argued
The social media giant said in a statement that FTC’s complaint is “based on ideology and speculation, and not evidence.”