Tuesday’s hearing focused on Meta’s acquisition of Within, a VR company that makes a fitness app called Supernatural.
Shares of Meta closed Tuesday’s session at $117.09, up 2.28% from the day’s opening price. The gains extended during the after-hours trading session with around 0.74 percent. Under the direction of Mark Zuckerberg, Meta was accused by the Federal Trade Commission (FTC) of buying her place in the virtual reality (VR) industry.
Over the past decade, Meta – formerly Facebook – has grown its ecosystem to shape the future of technology. Additionally, Meta has made several acquisitions worth billions, which has ostensibly made the FTC think the social media giant is killing its competition.
“Instead of fighting on the bottom, Meta tries to buy his way to the top“, FTC Competition Bureau Deputy Director John Newman said in a statement about the lawsuit. “Meta already has a well-selling VR fitness app, and it had the capabilities to compete even more closely with Within’s popular Supernatural app. But Meta chose to buy the position on the market instead of earning it on the bottom.”
Mark Zuckerberg tests that fitness in VR isn’t even his top VR app “use-case” priority. He reiterates social, gaming and productivity are priorities, and he says his email about the Peloton partnership was spurred b/c the VR biz was doing better in 2021 than forecasted.
— Dorothy Atkins (@doratki) December 20, 2022
Tuesday’s hearing focused on Meta’s acquisition of Within, a VR company that makes a fitness app dubbed Supernatural. During the hearing, Zuckerberg said Meta focused on virtual reality (VR) fitness apps in 2021 due to its excess capital. However, the company’s position has since changed as revenues fell in 2022.
In addition, the implementation of privacy protection by Apple has drastically reduced the revenue of most social media platforms that rely heavily on online advertisements.
Meta stocks and market outlook
According to market data from MarketWatch, Meta shares lost around 65% in 2022, retesting 2016 lows. Although most FAANG shares performed poorly in 2022, market strategists are positive about their profitability in the coming years . Additionally, the global economy is highly dependent on emerging technologies, including artificial intelligence (AI) and blockchain development.
As such, Meta remains under regulatory scrutiny due to its competitive outlook and ability to kill other smaller companies. According to aggregate data from MarketWatch, Meta has a market capitalization of approximately $303.55 billion and 2.25 billion shares outstanding.
Meta has come under significant criticism for its market dominance, both in domestic and international markets. During Tuesday’s hearing, Federal Trade Commission lawyers tried to show that Meta planned to compete with apps like Within, arguing that executives had identified fitness as a way to expand usage. of VR beyond its existing base of young male players.
As the FTC continues to pressure Meta to end the acquisition of Within, the commission also wants to unwind two previous acquisitions, instagram and WhatsApp, in a lawsuit filed in 2020.
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Meta has been accused by the Federal Trade Commission (FTC) of buying its place in the virtual reality (VR) industry
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