Within is the developer of VR fitness app Supernatural, which is the main reason FTC has a problem with Meta’s acquisition. According to the complaint, this would result in “multiple harmful outcomes” for the customers – lack of innovation, lower quality, less consumer choice, and higher prices – since Meta already has its own virtual reality fitness app that is one of the best-selling on the market.

“Meta chose to buy market position instead of earning it on the merits,” said FTC Bureau of Competition deputy director John Newman. “This is an illegal acquisition, and we will pursue all appropriate relief.”

Meta, on the other hand, said that the move would be a “good thing” for users, developers, and VR technology in general. It denied FTC’s claims, branding them as ideology and speculation-based.

Within agreed to sell itself to Meta back in October in a deal worth around $400 million. The move is part of Meta’s strategy to expand its “metaverse” and further establish its dominance in virtual reality space.

The post FTC Sues Meta in Attempt to Block Its Acquisition of Within appeared first on theprimarymarket.com.

Within is the developer of VR fitness app Supernatural, which is the main reason FTC has a problem with Meta’s acquisition. According to the complaint, this would result in “multiple harmful outcomes” for the customers – lack of innovation, lower quality, less consumer choice, and higher prices – since Meta already has its own virtual reality fitness app that is one of the best-selling on the market.

“Meta chose to buy market position instead of earning it on the merits,” said FTC Bureau of Competition deputy director John Newman. “This is an illegal acquisition, and we will pursue all appropriate relief.”

Meta, on the other hand, said that the move would be a “good thing” for users, developers, and VR technology in general. It denied FTC’s claims, branding them as ideology and speculation-based.

Within agreed to sell itself to Meta back in October in a deal worth around $400 million. The move is part of Meta’s strategy to expand its “metaverse” and further establish its dominance in virtual reality space.

The post FTC Sues Meta in Attempt to Block Its Acquisition of Within appeared first on theprimarymarket.com.