Summary: Meta has reportedly been given the green light to acquire virtual reality app developer, Within. The FTC had sued to block the deal earlier due to concerns over anti-competitive undertones. The acquisition would bring Meta closer to its vision for the metaverse.
Meta has reportedly gotten the green light to acquire Within, a virtual reality app developer. While the report has not been confirmed, it has appeared on several notable publications like Bloomberg and The Wall Street Journal.
The Federal Trade Commission (FTC) had been sitting on the deal citing risk of anti-competitive undertones if allowed to go on. While the virtual reality industry is still in the baby stages, the commission is trying to avoid repeating the same mistake it made in the early days of social media and the internet as a whole.
There is a possibility that the FTC could appeal the ruling, according to a CNBC report. Although, the commission did not give an official comment at the time this article was published.
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The news could not have come at a better time for the social media giant, which has had to endure a troubling 2022. On Wednesday, after trades, its stocks rose thanks to an assurance to investors from CEO Mark Zuckerberg.
The Within deal would mean that Meta is a step closer to achieving its vision for the metaverse, which has diverted majority of the company’s attention and capital.
In related news, Meta approved $40 billion to repurchase its stock, an increment from the former $28 billion it planned to use. Companies usually repurchase their stock to increase the value of remaining shares by reducing the overall number of shares outstanding, leading to an increase in earnings per share (EPS). It could also show that it has a positive outlook for its future.
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