Facebook buys Oculus
25th March 2014
On February 25th, Facebook announced that they had acquired Oculus VR, the company behind the ground-breaking virtual reality device, the Oculus Rift. The founder of Oculus VR, Palmer Luckey, received initial funding from Kickstarter to develop his prototypes into a commercial product. The value of the deal was $2bn, of which $400 million was cash, with the rest consisting of Facebook shares.
Many backers on Kickstarter were upset about the sale, stating that they did not intend their money to be used to develop Facebook-related projects.
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