Facebook Prepares To Invest $3 Billion In VR Tech

Well, as we are already aware that Facebook is looking forward to the VR and AR technologies. After creating the new Facebook AI Jarvis, we knew that Mark Zuckerberg is eying for the VR market. Now, it is officially confirmed. Mark Zuckerberg is looking to invest in the VR gadgets and devices.

According to Mark Zuckerberg, VR is the future of technologies. Thus, the company will take every possible opportunity to develop the VR sector. Facebook confirmed that it would invest $3 billion in the next decade for the development of VR industry.

Facebook acquired VR startup Oculus in 2014

At present, Facebook is targeting to own the startups that are working on the VR technologies. The press members also got the opportunity to get a look into the future of Facebook’s virtual reality ambitions. Zuckerberg testified about a $2 billion lawsuit regarding the origins of Oculus. The Oculus is a VR company that Zuckerberg acquired in2014.

The lawsuit also claimed, Oculus got information from former ZeniMax employee John Carmack. He said there was no compensation offered to ZeniMax. John Carmack is also the present CTO of Oculus. Now, Zuckerberg stated that it would invest the $3 billion in next decade for bringing the VR technology handy for many users.

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Zuckerberg makes it clear

Zuckerberg has already made investments in the VR sector. In his prior testimony, Zuckerberg already said that before acquiring the VR Company Oculus, the contemporary CEO Brendan Iribe asked for more than $4 billion for the company. Thus, there were negotiations. Finally, the company agreed to sell at a price of $2 billion. At the same time, Zuckerberg also had to pay the price of $700 million for employee retention and also another $300 million in milestones.

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All these figures prove Zuckerberg is very much dedicated to bringing the VR technologies on Facebook and get a grasp on the VR industry. The company will pay for innovation on the VR sector and not for the legal damages, Zuckerberg made it clear to all of them.

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