Despite FTC concerns, Facebook parent company Meta has completed its acquisition of Within, the developer of a number of virtual reality workout apps, Engadget reports.
Although neither company has revealed specific details, once the acquisition is finalized, Supernatural and related projects will become part of Meta's metaverse portfolio.
The Federal Trade Commission (FTC) filed an antitrust lawsuit to block the deal in July 2022, casting doubt on the purchase for some time.
However, Tech Times reported on Feb. 7 that a federal court denied a preliminary injunction to block the merger while the FTC investigated last week, leading the commission to decide against appealing the loss.
Meta's Hold of the Metaverse
The completion of the acquisition provides Meta with unmatched influence over one of the most popular virtual reality fitness apps at a critical time for the business. This comes as the company struggles to transition towards the metaverse amid steep losses and poor acclaim for its metaverse project among users.
Late in 2022, Zuckerberg's foray into the metaverse was dealt a significant blow when the company's stock price dropped multiple times and the metaverse failed to generate enough revenue to match Meta's massive cash flow to the metaverse project, forcing the company to make major job cuts affecting over 11,000 Meta employees.
With the acquisition of Within, Meta now has full rights to a fitness system as well as a subscription service that is geared toward a relatively specific audience. This will help the company compete against a growing wave of virtual reality headsets, such as the PlayStation VR2.
Meanwhile, Forbes reported that Facebook's earnings for the fourth quarter surpassed estimates, which led to a 23% rise in the price of the company's shares. This is more positive news for the metaverse giant.
This surge in the share price led to a $12 billion increase in Mark Zuckerberg's net worth, making it his biggest one-day increase since Facebook went public in 2012.
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Engadget points out that the Within buyout served as a test run for commission chair Lina Khan's crackdown on big tech, raising the possibility that the regulator may find it difficult to rein in strong tech companies like Meta.
Meta Acquires Within
Within expressed their excitement for the new chapter in a tweet, writing, "Today marks a new chapter for Within and @GetSupernatural, as we officially join @Meta. We're thrilled to help people transform their lives as we bring more joy, awe, and wonder to the world."
Today marks a new chapter for Within and @GetSupernatural, as we officially join @Meta. We’re thrilled to help people transform their lives as we bring more joy, awe and wonder to the world. We look forward to what’s ahead. pic.twitter.com/yf4U5mGwbI
— Within (@WITHIN) February 8, 2023
The outcome of the acquisition will significantly affect both the metaverse industry as a whole and the virtual reality fitness sector. Meta's metaverse effort will gain access to new tools, technology, and a user base as a result of the acquisition of Within, enabling it to expand and contend in a market that is rapidly changing.
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