Prepare for a virtual reality workout with Meta. In case you’ve been wondering, why read this? You’re not the only one who thinks CEO Mark Zuckerberg is clinging to the notion of creating a metaverse like a drowning man clinging to the last available lifeboat.
Although the Meta VR headset Meta Quest 2 will have made $1.5 billion by the end of 2022, Zuckerberg’s audacious goal pales compared to the $36 billion invested in Reality Labs thus far.
And Meta has taken on more than it can handle for a project that even its employees don’t like, given the recent announcement of 11,000 layoffs in November.
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Meanwhile, Zuckerberg keeps going. One of his most recent efforts to expand his metaverse empire was an attempt to acquire VR startup Within Unlimited.
This company offers the well-liked Meta Quest-exclusive fitness app “Supernatural,” which debuted in 2020 and offers workouts inspired by famous artists like Lady Gaga, The Weeknd, and Coldplay.
However, the Federal Trade Commission stepped in and filed a lawsuit against Meta in July 2022, claiming that the transaction would not be fair.
John Newman, deputy director of the FTC Bureau of Competition, said, “Meta is trying to buy its way to the top rather than competing on the merits.”
Meta already has a top-rated virtual reality fitness app, which had the potential to compete even more fiercely with Within’s well-liked Supernatural app.
However, Meta opted to purchase market position rather than gain it via merit. Because of the illegal nature of this transaction, we will seek every available redress.
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Meta Gets Closer To The Go-Ahead
According to Bloomberg, U.S. District Judge Edward Davila in San Jose, California, rejected the FTC’s request for a preliminary injunction in a sealed ruling early on Wednesday morning.
However, Meta cannot pull out its massive wallet just yet. Additionally, Davila imposed a temporary restraining order to prevent Meta from finalizing the transaction while the FTC had one week to decide whether or not to appeal the decision.
Both Meta and the FTC chose not to comment. The FTC has drawn attention to adopting a tough stance in the internet sector this year.
It also attempted to thwart Microsoft’s impending $69 billion acquisition of video game maker Activision Blizzard, which would have propelled Microsoft to the top of the list of the biggest gaming businesses. After Tencent, Sony, and Apple, it is currently ranked fourth.
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