FTC Sues to Block Meta from Gobbling Up Virtual Reality Competitor
WASHINGTON, D.C. – The Federal Trade Commission (FTC) is suing to block Meta from acquiring Within Unlimited and its virtual reality fitness app, Supernatural. Matt Kent, competition policy advocate for Public Citizen, released the following statement:
“The FTC’s bold action is extremely necessary and forward-looking. Not only is Meta desperately pushing to create consumer demand for virtual reality products and content; it’s also seeking to monopolize the space – going as far as rebranding around the nebulous concept of the ‘Metaverse.’
“For too long Meta has gotten away with acquiring adjacent competitors, such as Instagram and WhatsApp, without serious government scrutiny on behalf of the public. The company has a long history of flagrant misconduct, including misuse of sensitive data, particularly at issue here given that the fitness app being acquired may collect health data. CEO Mark Zuckerberg has so far evaded the consequences of his actions by hiding behind the company’s inequitable dual class stock structure.
“Hopefully the FTC’s action will help stem the tide of corporate concentration in the tech sector and bring about fair competition online.”