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Facebook stocks drop after Oculus Rift acquisition announcement

The stock went under its open price of $64.25, resulting in a loss of $1.5 - $1.8 billion market cap

ANI Washington

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, resulting in a loss of $1.5 - $1.8 billion 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.

 

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First Published: Mar 26 2014 | 11:45 AM IST

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