Instagram Under Meta Platforms, Inc. (NASDQ:META) Umbrella Faces €405M As Facebook Existed on Berlin Startup Takeover

Shares of Meta Platforms, Inc. (NASDQ:META) inches up 0.39% in pre session on Tuesday after Facebook declared on Friday that parent Meta Platforms Inc. (META) has takeover a Berlin startup named Lofelt, whose technology aims to replicate the illusion of touch in virtual reality.

The transaction was finished weeks ago, but it wasn’t made public until Friday in response to inquiries from The Wall Street Journal. This news comes as Meta is embroiled in a legal dispute with the Federal Trade Commission over its foray into virtual reality technology. Lofelt’s experience will be used specifically by Meta to create hardware and software for VR controllers, EMG wristbands, and haptic gloves.

A rumor claims that the controllers for the forthcoming Quest Pro premium headset, which is scheduled to debut in October, have integrated top-notch haptic technology.

A prototype of an EMG wearable that may provide haptic effects for virtual reality and augmented reality was revealed by Meta in March 2021. The haptic data gloves from Meta are still far from being ready for the market. Lofelt’s knowledge should be applied to all of Meta’s gear.

The U.S. Federal Trade Commission’s (FTC) response to the acquisition is yet to be seen. In an effort to block Meta from purchasing VR studio within, the commission complained against Meta in August. According to the FTC, Meta is trying to “purchase its way to the top” of the VR market in order to monopolize it. The Lofelt deal, however, is probably too tiny to warrant the involvement of the FTC.

On the other hand, Due to the public disclosure of children’s email addresses and phone numbers that utilized the photo-sharing app, Instagram was fined €405 million.

The Californian tech company was penalized by Ireland’s data authority for breaking EU data regulations controlling internet privacy. The amount of the fine is the second-highest ever assessed for breaking the law. Before last summer, adults could get in touch with underage users who ran “creator” and business accounts directly thanks to Instagram’s services, which automatically made their phone numbers and email addresses public.

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