Meta CEO Mark Zuckerberg
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Mark Zuckerberg Takes Witness Stand In FTC Case Against Startup Acquisition
Mark Zuckerberg, the CEO of Facebook parent company Meta, took the witness stand Tuesday in the FTC's effort to stop the tech giant from buying a virtual reality startup
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Mark Zuckerberg | Tech companies | Facebook
Mark Zuckerberg, the CEO of Facebook parent company Meta, took the witness stand Tuesday in the FTC's effort to stop the tech giant from buying a virtual reality startup.
At issue is whether Meta's acquisition of the small company that makes a VR fitness app called Supernatural will hurt competition in the emerging virtual reality market. If the deal is allowed to go through, the Federal Trade Commission argues, it would violate antitrust laws and dampen innovation, hurting consumers who may face higher prices and fewer options outside platforms controlled by Meta Platforms Inc.
The case, expected to wrap up Tuesday, is being heard by U.S. District Judge Edward Davila, who also oversaw the trial of disgraced Theranos founder Elizabeth Holmes and her partner Ramesh Sunny Balwani.
Both were sentenced to over a decade in prison for their roles in the company's blood-testing hoax.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Wed, December 21 2022. 07:09 IST
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