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Zuckerberg Buys Rights To Oculus Rift

Mark Zuckerberg, owner of the multi-billion dollar social networking site, Facebook, had decided to make a big investment earlier today (March, 25th). Deciding to buy the rights to the VR hardware, the Oculus Rift, Zuckerberg settled on a payment worth $2 billion dollars. This includes $400 million in cash and 23.1 million shares of Facebook common stock, valued at $1.6 billion.

Facebook has big plans for the Oculus Rift that extend far beyond just gaming capabilities. Extending it to “new verticals” they want to see the Oculus Rift used for such things as communication, media and entertainment, education and other areas. 

While announcing the deal, Zuckerberg had said “Mobile is the platform of today, and now we’re also getting ready for the platforms of tomorrow,” he had also stated “Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate.”

Brendan Iribe, CEO and one of the co-founders of the Oculus Rift had this to say “We are excited to work with Mark and the Facebook team to deliver the very best virtual reality platform in the world,”

The Oculus Rift will still remain in California where it’s currently still undergoing development.

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