Facebook parent Meta is sparring with the U.S. Federal Trade Commission in federal court over its pending acquisition of a virtual reality fitness company Within Unlimited
FILE - Facebook's Meta logo sign is seen at the company headquarters in Menlo Park, Calif., on, Oct. 28, 2021. Facebook parent Meta's quasi-independent oversight board said Tuesday, Dev. 6, 2022 that an internal system that exempted high-profile users including former President Donald Trump from some or all of its content rules needs a major overhaul.
“The threat is what keeps firms going,” testified economist Hal Singer, a witness for the FTC. “If I know there is a chance that someone could come in and steal my lunch,” he said, companies will innovate and constrain pricing. “Achieving what Supernatural has achieved is remarkable and it would be very difficult for us to replicate that,” Rabkin said during a Zoom hearing Friday.
The agency and Meta also disagree on how to define the market that Within's popular app falls into. The FTC defines it narrowly as “VR dedicated fitness apps,” while Meta's definition includes a wider swath of competitors, many of which don't need VR goggles to work — such as Peloton, for instance.
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