The Federal Trade Commission kicked off a court effort on Thursday to prevent Meta from acquiring Within, the maker of a virtual reality fitness app. However, the case is likely to have spillover effects beyond Facebook's embattled parent.
However, the case is likely to have spillover effects beyond Facebook's embattled parent.Setting any precedent that prevents large tech companies from acquiring startups is bound to send ripples through startup land, where selling to a bigger company is seen as a critical piece of what keeps the ecosystem going.Back in October 2021, the social media giant announced its intention to acquire Within, whose app Supernatural offers users immersive workouts.
The agency is also arguing that an injunction now will allow for "effective enforcement of the antirust laws" and avoid the challenges of "unscrambling the eggs" post-acquisition.In its opening statement, Meta argued that the deal "is a beneficial acquisition — it's good for competition, it's good for everyone involved in this emerging technology… and good for consumers.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTC takes on Meta in court over virtual reality acquisitionThe FTC is accusing Meta of trying to assert undue dominance in the metaverse, arguing that the tech company's acquisition of Within would illegally boost Meta's market power.
Read more »
FTC Sues to Block Microsoft's Acquisition of Gaming Giant Activision BlizzardThe FTC has reportedly filed a lawsuit to block Microsoft’s $69 billion acquisition of video game giant Activision Blizzard.
Read more »
FTC Files Antitrust Lawsuit to Stop Microsoft From Acquiring ActivisionThe FTC sued Microsoft on Thursday to stop the tech giant’s acquisition of video game publisher Activision Blizzard. See potential bias and similarities in coverage from verge, FoxBusiness and CNBC: Microsoft ActivisionBlizzard
Read more »
Advocates Applaud as FTC Sues to Stop Microsoft-Activision Mega-Merger'Today's action is of incredible importance in ensuring fair and open competition in gaming and across the larger digital economy,' says Public_Citizen's Kent_PubCitizen as the FTC sues to block Microsoft's $69 billion acquisition of Activision Blizzard.
Read more »
FTC sues to block Microsoft's acquisition of Activision BlizzardThis isn't Microsoft's first run-in with U.S. regulators. Microsoft said it did believe in giving peace a chance. Now it looks forward to a court appearance.
Read more »
Federal Officials Sue to Stop Microsoft Merger in Major Antitrust MoveIn one of the most aggressive antitrust moves taken against Big Tech, the Federal Trade Commission announced that it is moving to block Microsoft’s $69 billion acquisition of video games company Activision Blizzard.
Read more »