Facebook plans to invest $3bn in virtual reality

Foreseeing virtual reality (VR) as a future computing platform, Mark Zuckerberg-led Facebook has decided to make a multi-billion investment in VR over the next decade.

Mr. Zuckerberg, chief executive of the popular social-networking platform, recently announced that the company has decided to invest $3 billion in VR to bring virtual reality to the masses.

The company has already invested billions of dollars in VR in the past few years. The investment included acquisition of Oculus VR, which is one of the world's most high-flying VR start-ups, for more than $2 billion.

Announcing the plans, Mr. Zuckerberg said, "I don't think that good virtual reality is fully there yet. It's going to take five or 10 more years of development before we get to where we all want to go."

However, there are many challenges, including lawsuit. Mr. Zuckerberg has testified that prior to the acquisition of Oculus VR, the company's then-CEO Brendan Iribe had asked for $4 billion. Eventually, the two companies settled on a purchase price of $2 billion along with $700 and $300 million in employee retention and in milestones, respectively.

The dispute still lingers, and Facebook could suffer as much as $2 billion in damages in case it loses the lawsuit. Nevertheless, Mr. Zuckerberg remains dedicated to bringing virtual reality to the masses.