Facebook just lost a $500 million lawsuit - here's what's going on
Facebook is, by far, the largest social media platform on Earth. Nearly 2 billion people use it - just over 25% of the planet's population.
But the company's vision for the future goes beyond baby photos and shareable headlines: The $2 billion acquisition of Oculus VR in 2014 was a strong indication of what's next for Facebook.
Weak sales of the company's first VR headset, the Oculus Rift, are just the beginning. Two months after Facebook purchased Oculus VR, Facebook was sued for $2 billion. The company that sued, Zenimax Media, claimed that a former employee-turned-Oculus CTO took trade secrets with him. Moreover, the suit claimed that those trade secrets were integral to the Oculus Rift headset.
A classic he said/she said litany of statements flowed from both companies, and a two-week jury trial concluded earlier this month. Zuck himself even appeared in court for questioning. The result? Facebook is paying Zenimax $500 million , but no one's to blame.
Here's what's going on.