Facebook parent Meta Platforms Inc. CEO Mark Zuckerberg took the witness stand Tuesday in a case in which the Federal Trade Commission is seeking to prevent the social-media company from acquiring a virtual-reality startup.
The FTC is seeking an injunction blocking Meta's planned acquisition of Within Unlimited Inc., the company behind the popular virtual-reality fitness game "Supernatural." The legal move poses a direct challenge to Meta's strategic focus on the metaverse, a term used to describe a platform where numerous online users work and play in virtual worlds.
Mr. Zuckerberg said in court that the business environment has deteriorated for Meta and told U.S. District Judge Edward Davila, who is presiding over the case in San Jose, Calif., that there's "almost no chance" the company would have been able to develop a similar project today.
"We thought we could deploy some excess capital and hopefully accelerate the development of this space," he said, noting that Meta recently had layoffs. "And that's not the environment we're in now."From The Wall Street Journal
No entries found