Testifying in a $2 billion suit brought by game creator ZeniMax Media over the creation of the Oculus Rift virtual-reality headset, Facebook founder and CEO Mark Zuckerberg pulled back the curtain on his deal for the company and Facebook’s VR ambitions. Here are three key revelations:
Zuckerberg revealed that Facebook paid $3 billion to acquire Oculus VR–$1 billion more than the reported value of the deal when it closed in 2014. He said in court that he expects to invest at least that much over the next decade to grow the technology.
Zuckerberg’s approach to finalizing the Oculus deal exemplifies the fast-paced competition in Silicon Valley. In a text message cited as evidence, the CEO urged executives to “keep pushing forward until we have something we can sign on a moment’s notice.”
THE FUTURE OF VR
Oculus’ headset is an early indication of Zuckerberg’s lofty VR ambitions, though he said in court that “it’s going to take five or 10 more years of development before we get to where we all want to go.” Eventually he hopes to “get closer to this kind of perfect representation so you can capture a moment you had.”
This appears in the January 30, 2017 issue of TIME.