Facebook will invest more than $3 billion in VR over the next decade
Facebook will invest more than $3 billion in VR over the next decade

Facebook will invest more than $3 billion in VR over the next decade, Facebook’s CEO Mark Zuckerberg said in a public appearance in court. Zuckerberg believes that the future of virtual reality is bright and his company has a chance to own this technology. However, it may take 5-10 years to make it mainstream.

Zuckerberg visited the Dallas courtroom to explain his stand on the $2 billion lawsuit against Oculus, a VR company that Facebook acquired in 2014. The lawsuit was filed by a video game publisher Zenimax, which claims that his company owns the technology foundation behind the Oculus Rift VR headset.

At the center of lawsuit against Facebook is Oculus’s current CTO John Carmack, who has previously worked with Zenimax and is known as the mastermind behind video games like “Doom” and “Quake”.

Zenimax has accused Oculus executives of stealing its technology by hiring Carmack and five other employees from the company. The lawsuit claims that Carmack has violated his employee agreement with Zenimax.

In his statement made in the courtroom, Zuck told that prior to its acquisition, then-Oculus CEO Brenden Iribe was demanding $4 billion for the VR company. But they both eventually settled on a $2 billion purchase price along with an additional $1 billion for employee retention and milestones.

Facebook-will-invest-more-than-3-billion-in-VR

Zuckerberg also revealed that Facebook will invest more than $3 billion in VR over the next decade to bring it to the masses. While the social media giant has more than 1 billion active users around the globe, Oculus currently has about 1 million active users.

Earlier in 2016, Zuckerberg claimed that the future of virtual reality will be social. He has also given demonstrations of Oculus many times around the world, including heads of state. All this shows that Zuckerberg really wants to further its grasp on the virtual reality industry, something it likely hopes to spend millions on.

Also read: Facebook is likely to work on a project that reads brain waves to communicate thoughts

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Facebook will invest more than $3 billion in VR over the next decade
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Facebook will invest more than $3 billion in VR over the next decade
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Facebook will invest more than $3 billion in VR over the next decade, Facebook’s CEO Mark Zuckerberg said in a public appearance in court.
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Mohit Singh is a young writer with a strong passion for learning. He's got bachelors in Technology in Electronics and Communication. It was during that time he developed a great interest in technology and related issues. Apart from writing, Mohit loves to hang out on Twitter tweeting about the latest happenings in the political arena. Being a self-motivator, Mohit believes that changing oneself is the best solution to all problems and is actively engaged in various social causes and welfare activities in his local community.