Facebook stocks drop after Oculus Rift acquisition announcement

Washington, Mar. 26: Facebook’s stock price reportedly dropped in after-hours trading after the social networking giant announced its latest acquisition of visual reality startup Oculus Rift.

The stock went under its open price of 64.25 dollars, resulting in a loss of 1.5 – 1.8 billion dollars market cap.

According to Tech Crunch, the company announced that it was going to purchase Oculus Rift for 2 billion dollars in cash and stock, in a bid to make the world more open and connected.

The stock price slid more when Facebook announced its mega purchase of WhatsApp earlier this year, for a whopping 19 billion dollars, the report added. (ANI)