Zuckerberg to testify against virtual reality deal in FTC merger dispute

Zuckerberg to testify against virtual reality deal in FTC merger dispute

Facebook
Twitter
LinkedIn

Metaplatforms Inc. META has said its chief executive officer Mark Zuckerberg will testify in the Federal Trade Commission (FTC) challenge for Meta’s proposed deal to buy virtual reality company Within Unlimited.

According to the lawsuit, the FTC has stated that Meta’s acquisition of Within “would tend to create a monopoly in the market for VR-specific fitness apps.”

The FTC has said that Meta and Zuckerberg plan to expand Meta’s virtual reality empire, and that attempt to acquire the dedicated fitness app would “tend to create a monopoly.”

Facebook inked a deal with Within in October 2021 for an undisclosed sum.

According to the court document, the FTC has listed 18 witnesses it plans to interview, including Zuckerberg, Meta’s CTO Andrew Bossworthand Within Unlimited CEO Chris milk.

Also read: Sheryl Sandberg is leaving Meta, but the company is still paying for her safety

During testimony, Zuckerberg could talk about Facebook’s parent company’s strategy for its VR business and the company’s plans to support third-party developers.

However, in early August Zuckerberg had agreed not to buy Within. In addition, according to the Wall Street Journal report, Meta is said to have asked the FTC to remove Zuckerberg from the lawsuit.

In 2021, the FTC accused Meta violate antitrust regulations through the acquisition of Instagram and the mobile messaging app Whatsapp.

Meta is the largest provider of virtual reality devices and also a leading provider of apps in the US

Meta’s Reality Labs business reported a loss of $3.7 billion in the third quarter, compared to $2.6 billion a year earlier. Meta also reported Revenue of $285 million for the quarter for the Reality Labs unit.

Photo: Anthony Quintano on flickr

[ad_2]

Source story

More to explorer