Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

Facebook Set to Invest Over $3 Billion in Virtual Reality

Facebook CEO Mark Zuckerberg announced his plan to invest over $3 billion in virtual reality over the next decade while testifying in the $2 billion lawsuit on the origins of Oculus. Oculus is the virtual reality company Facebook acquired in March 2014.

The lawsuit concerns the intellectual property of Oculus. The current Oculus CTO, John Carmack, was formerly a ZeniMax employee. Before that, he was also co-founder of id Software, co-creator of computer games Doom and Quake, and according to an email from Facebook board member Marc Andreessen, “essentially the inventor of 3D computer games and one of the all time greatest hackers”. ZeniMax Media, owner of video game developers Bethesda Softworks and id Software, claims that Oculus stole information from ZeniMax via Carmack that was instrumental in the creation of the virtual reality company’s core technology.

When presenting his oral argument on Tuesday, lawyer for ZeniMax Toni Sammi called it “one of the biggest technology heists ever.” ZeniMax added that Carmack selected employees from id Software to bring on to Oculus, presenting an email from Carmack from 2014 that lists four employees from id Software.

Facebook rejected these claimed and put forward its own. ZeniMax passed on a partnership and investment opportunity of up to 15 percent of the company with Oculus before Facebook acquired it. Facebook lawyer Beth Wilkinson stated during the company’s opening argument that “This case, because ZeniMax and the owners of ZeniMax feel badly, embarrassed, humiliated, that they didn’t do the deal, that they didn’t invest in this VR technology when they could have, they want to rewrite history.”

Since the acquisition of Oculus, Facebook has been working on ways to introduce virtual reality on its social media platform. Despite skepticism from Oculus co-founder Palmer Luckey, the company began integration in March 2016.

While there has not been any more reports about the project, Zuckerberg said in court that the goal over the next decade is to bring virtual reality to everybody.


Comment Template

You May Also Like

Business

Bank of America highlights four standout stocks ahead of earnings season: United Airlines, Warner Bros. Discovery, Birkenstock, and Spotify. Each benefits from strong industry...

Business

In the wake of Walmart’s departure as a major stakeholder and a stagnating Chinese e-commerce market, JD.com must persuade investors of its importance. This...

Economy

Friday saw dollar weakness as investors braced for Jackson Hole address by Federal Reserve Chair Jerome Powell, while the yen topped other currencies in...

Politics

  Joe Biden had other plans for his address. Under the current conditions, at least not this year. Tragedies and hardships have left their...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok