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Facebook (FB) Chief Testifies Over "Stolen" Oculus Technology
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Facebook Inc. has been slapped with a $2 billion lawsuit filed by video game company, ZeniMax against Oculus. Per media reports, ZeniMax claims Oculus “stole” its intellectual property to boost its own VR research.
Per media reports, ZeniMax claims that current Oculus CTO John Carmack who previously worked for its company, idSoftware, helped Oculus develop the VR technology by sharing software details of ZeniMax. ZeniMax lawyer Tony Sammi was quoted saying that the Oculus buyout was "one of the biggest technology heists ever".
Yesterday, CEO Mark Zuckerberg appeared in a Dallas courtroom to testify against the allegations. Apparently, Zuckerberg has denied all allegations and stressed that “The idea that Oculus technology is based on someone else's is just wrong." He further added that the deal was closed in a matter of a weekend in 2014, which made the prosecution cite the lack of “due diligence”.
He also added that Facebook wasn’t aware of any pilfering allegations against Oculus and was quoted saying "It's pretty common when you announce a big deal that people just come out of the woodwork and claim they own some part of the deal." Zuckerberg further said that Facebook paid a million more in addition to its $2 billion purchase price for the retention of Oculus employees, adds media reports.
Oculus founder Palmer Luckey and former CEO Brendan Iribe will appear in the court this week. The trial is expected to continue over three weeks.
Facebook’s ambitious AR/VR plans are being fueled by Oculus. Oculus was founded by Luckey and Iribe in 2012 and acquired by Facebook in 2014. Oculus has long been dubbed as a multibillion dollar opportunity along with Facebook’s other subsidiaries like Messenger Instagram and WhatsApp.
“VR went from science fiction to the most exciting new consumer technology around” said Iribe in his one of his earlier blog posts and we couldn’t agree more. Though in its infancy, AR/ VR technology along with AI are considered the next big business opportunities in the tech space. Consequently, all the tech giants right from Facebook to Microsoft (MSFT - Free Report) , Amazon (AMZN - Free Report) and Alphabet (GOOGL - Free Report) are pumping huge resources to develop the new technology.
In the past one year, Facebook’s shares have generated a return of 34.64%, compared with the Zacks Internet Services industry’s gain of 16.36%.
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Facebook (FB) Chief Testifies Over "Stolen" Oculus Technology
Facebook Inc. has been slapped with a $2 billion lawsuit filed by video game company, ZeniMax against Oculus. Per media reports, ZeniMax claims Oculus “stole” its intellectual property to boost its own VR research.
Per media reports, ZeniMax claims that current Oculus CTO John Carmack who previously worked for its company, idSoftware, helped Oculus develop the VR technology by sharing software details of ZeniMax. ZeniMax lawyer Tony Sammi was quoted saying that the Oculus buyout was "one of the biggest technology heists ever".
Yesterday, CEO Mark Zuckerberg appeared in a Dallas courtroom to testify against the allegations. Apparently, Zuckerberg has denied all allegations and stressed that “The idea that Oculus technology is based on someone else's is just wrong." He further added that the deal was closed in a matter of a weekend in 2014, which made the prosecution cite the lack of “due diligence”.
He also added that Facebook wasn’t aware of any pilfering allegations against Oculus and was quoted saying "It's pretty common when you announce a big deal that people just come out of the woodwork and claim they own some part of the deal." Zuckerberg further said that Facebook paid a million more in addition to its $2 billion purchase price for the retention of Oculus employees, adds media reports.
Facebook, Inc. Price
Facebook, Inc. Price | Facebook, Inc. Quote
Oculus founder Palmer Luckey and former CEO Brendan Iribe will appear in the court this week. The trial is expected to continue over three weeks.
Facebook’s ambitious AR/VR plans are being fueled by Oculus. Oculus was founded by Luckey and Iribe in 2012 and acquired by Facebook in 2014. Oculus has long been dubbed as a multibillion dollar opportunity along with Facebook’s other subsidiaries like Messenger Instagram and WhatsApp.
“VR went from science fiction to the most exciting new consumer technology around” said Iribe in his one of his earlier blog posts and we couldn’t agree more. Though in its infancy, AR/ VR technology along with AI are considered the next big business opportunities in the tech space. Consequently, all the tech giants right from Facebook to Microsoft (MSFT - Free Report) , Amazon (AMZN - Free Report) and Alphabet (GOOGL - Free Report) are pumping huge resources to develop the new technology.
At present, Facebook has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past one year, Facebook’s shares have generated a return of 34.64%, compared with the Zacks Internet Services industry’s gain of 16.36%.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?
Who wouldn't? As of early December, the 2016 Top 10 produced 5 double-digit winners including oil and natural gas giant Pioneer Natural Resources which racked up a stellar +50% gain. The new list is painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. Be among the very first to see it>>