When Facebook spends two billion on something, people take notice….though perhaps in this case, they didn’t pay close enough attention.
https://kotaku.com/what-the-heck-is-oculus-rift-a-guide-to-facebooks-2-1552186794
CNN reports that following the announcement of the Oculus Rift acquisition by Facebook, stocks belonging Oculus VisionTech (a digital media company) and Oculus Innovative Sciences (a biotechnology company) saw a spike in price thanks to investors who mistook them for the actual Oculus VR company.
Oculus VisionTech in particular surged nearly 90%, while Oculus Innovative Sciences rose 8%.
“It would have been nice, but it’s definitively a misunderstanding,” said Tony Drescher, Director and Chief Financial Officer of Oculus VisionTech. “We’re not in the virtual reality business.”
Both companies are now seeing a small dip after the initial surge, but still: kind of funny, no?
Facebook shares, meanwhile, fell more than 5% on Wednesday after the deal was announced. The Wall Street Journal attributesinvestors being skeptical of the Oculus Rift acquisition to Facebook purchasing WhatsApp for $16 billion recently, as well as unhappy Oculus Kickstarter backers.
Top Image: Shutterstock
(Via CNN Money)
