Facebook Purchases Oculus Rift for $2 Billion

Rift is now the property of Mark Zuckerberg and co.

Posted By | On 26th, Mar. 2014 Under News

Oculus Rift

In a rather shocking announcement, Oculus VR has announced that it has sold out to social networking company Facebook for $2 billion. Development of Oculus VR will continue at Facebook in an independent division and the deal is expected to be closed by Q2 of 2014.

Of the $2 billion spent, $1.6 billion consists of 23.1 million Facebook shares while $400 million consists of cash with a further $300 million to be doled out once certain goals are met by Rift.

Facebook CEO Mark Zuckerburg stated in an open letter that, “Mobile is the platform of today, and now we’re also getting ready for the platforms of tomorrow. Oculus has chance to create the most social platform ever, and change the way we work, play and communicate.”

Oculus VR CEO Brendan Iribe stated that, “We are excited to work with Mark and the Facebook team to deliver the very best virtual reality platform in the world. We believe virtual reality will be heavily defined by social experiences that connect people in magical, new ways.

“It is a transformative and disruptive technology, that enables the world to experience the impossible, and it’s only just the beginning.”

What are your thoughts on the deal? Let us know in the comments.

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