PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Kerrigan Statement on FTC’s Move to Block Within Acquisition by Meta

By at 28 July, 2022, 8:49 am

NEWS

FOR IMMEDIATE RELEASE

Washington, D.C. – Today, Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan issued the following statement on the Federal Trade Commission’s (FTC’s) move to block Meta’s acquisition of Within, maker of VR fitness app Supernatural:

“Advocates for entrepreneurs have warned that FTC Chair Lena Khan’s ideology and leadership would be harmful and destructive to American innovation and the U.S. startup ecosystem. The FTC’s most recent announcement that it will block the acquisition of a nascent company by Meta that promises to bring fitness options to the masses is yet another sign that Chair Khan is fully out of touch with how incentives and startups work. America’s dynamic M&A and venture-system models are under massive threat, and the message Chair Khan is sending to startup entrepreneurs everywhere is ‘don’t innovate, don’t take risks and don’t dream big.’ That message is extremely dangerous to America’s innovative leadership, the vibrancy of our competitive ecosystem, and economic growth.

“The FTC has not proven – at all – that the acquisition would be harmful to competition or that it violates the law. In fact, it is embarrassingly wrong on all the facts. What is glaringly harmful is the growing list of FTC actions that are undermining America’s startup entrepreneurs and their innovations. In the end, American consumers, entrepreneurs and our economy are the big losers from Chair Khan’s overzealous and misinformed agenda.”

CONTACT:

Karen Kerrigankkerrigan@sbecouncil.org

Ray Keatingrkeating@sbecouncil.org

SBE Council is nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. For 28 years, SBE Council has worked on and advanced a range of private sector and public policy initiatives to strengthen the ecosystem for strong startup activity and small business growth. Visit www.sbecouncil.org for additional information. Twitter: @SBECouncil

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