Facebook has bought Oculus, the virtual reality headset startup, for $2 billion.
The company said it would use the money to accelerate the development of a virtual reality platform.
The acquisition is the first of its kind for a tech company, and it comes just weeks after Facebook bought Oculus VR for $3 billion.
Read moreTech companies have had to compete with each other to catch up to the rapid growth of smartphones.
Facebook has been a leader in mobile VR with its Oculus Rift virtual reality device, and now the company has made its first-ever acquisition of a tech startup.
The acquisition of Oculus comes just days after Facebook announced that it bought Oculus cofounder Palmer Luckey’s virtual reality startup, Oculus VR, for a record $3.5 billion.
The move is expected to bolster the company’s ability to rapidly move virtual reality products and services into the mainstream, where they have traditionally struggled.
The Oculus acquisition, however, is unlikely to be seen as a major coup for Oculus.
The purchase comes on the heels of a tumultuous few months for Oculus VR.
On February 14, Facebook announced it had bought Oculus for $1.7 billion.
Luckey resigned as CEO on February 18, the day Facebook announced the acquisition.
Luckeys successor, Brendan Iribe, has also stepped down as CEO.
The company has been struggling to meet its sales goals, and the acquisition of Luckey and Oculus VR comes on top of a number of disappointing quarters for the virtual-reality headset startup.
Facebook said it will close about 50 of its Oculus stores and remove some of its more popular offerings.
The stock price of Oculus VR is down nearly 70% from its peak of $5 billion in February 2018.
Oculus VR shares have dropped more than 90% over the past year.
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