Tech executives and venture capital investors let out a collective howl on Wednesday, after the FTC said it would sue Meta to block it from acquiring a small VR startup. This is bad for innovation, and ironically good for the big tech companies. — Aaron Levie (@levie) July 27, 2022The FTC’s lawsuit contends that Meta is violating antitrust laws by attempting to buy its way into the virtual reality market rather than competing against the existing players. “Meta already owns a best-selling virtual reality fitness app, and it had the capabilities to compete even more closely with Within’s popular Supernatural app. Several Big Tech critics, including early tech investor Roger McNamee, cheered the move.

Source: Washington Post July 27, 2022 21:23 UTC