Zuckerberg To Testify In FTC Merger Challenge To Virtual Reality Deal - Meta Platforms (NASDAQ:META)

Meta Platforms Inc. META has said its Chief Executive Officer Mark Zuckerberg will testify in the Federal Trade Commission’s (FTC) challenge for Meta’s proposed deal to buy a virtual reality firm Within Unlimited

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

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

Facebook struck 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 question, including Zuckerberg, Meta CTO Andrew Bosworth, and Within Unlimited CEO Chris Milk

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

However, earlier in August, Zuckerberg had agreed not to purchase Within. In addition, Meta reportedly asked the FTC to remove Zuckerberg from the lawsuit, according to the report from the Wall Street Journal. 

In 2021, the FTC accused Meta of violating antitrust rules by acquiring 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 U.S. 

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

Photo: Anthony Quintano on flickr


Image and article originally from www.benzinga.com. Read the original article here.