Facebook purchases Oculus Rift for $2 billion
Tuesday, March 25, 2014 at 7:58PM 
Facebook is looking to venture into virtual reality with its latest acquisition—and they aren’t afraid to spend big. Kotaku has just reported that Facebook is buying Oculus Rift for US$2 billion. The deal is expected to be finalized in the second quarter of the year and will be made up of $400 million cash payout and the rest as Facebook shares.
"Mobile is the platform of today, and now we're also getting ready for the platforms of tomorrow," Facebook founder and CEO Mark Zuckerberg says. "Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate."
Brendan Iribe, co-founder and CEO of Oculus VR says in a PR release. "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."