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Supernatural, one of several VR fitness applications by Within. ©Inside The American regulatory authority FTC finally allows the takeover of Within by the Facebook parent company Meta Platforms.
Supernatural, one of several VR fitness applications by Within. ©Inside
The American regulatory authority FTC finally allows the takeover of Within by the Facebook parent company Meta Platforms. The watchdog had previously tried to stop the takeover by filing a lawsuit. However, the FTC lost it. Now the supervisor is also ruling out further legal action.
Meta had already announced the takeover of the start-up Within, which produces a fitness app that works with virtual reality, at the end of 2021. But the FTC, led by Joe Biden-appointed Lina Khan, wasn’t about to pass up the purchase of a small startup either. The watchdog states that such small purchases can also potentially restrict competition.
The court found that the FTC did not present sufficient evidence that this was the case in this case. But according to the government agency, the judge’s ruling upheld the legal basis of the case.
The ruling allowed Meta to officially close its acquisition of Within earlier this month. The parent company of Facebook, Instagram and WhatsApp is all about virtual reality because CEO Mark Zuckerberg believes that in the future we will all do business in a virtual world, the metaverse. The FTC could have required the purchase to be reversed by a new case.
Meta had already announced the takeover of the start-up Within, which produces a fitness app that works with virtual reality, at the end of 2021. But the FTC, led by Joe Biden-appointed Lina Khan, wasn’t about to pass up the purchase of a small startup either. Even such small purchases could restrict competition, the supervisory authority argues, the court found that the FTC did not provide enough evidence in this case. However, according to the government agency, the court upheld the legal basis of the case in its ruling, which allowed Meta to formally close its acquisition of Within earlier this month. The parent company of Facebook, Instagram and WhatsApp is all about virtual reality because CEO Mark Zuckerberg believes that in the future we will all do business in a virtual world, the metaverse. The FTC could have required the purchase to be reversed by a new case.
Michael van der Ven
Source: Data News
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