What You Need to Know: Facebook Buys Oculus VR - NBC40.net

What You Need to Know: Facebook Buys Oculus VR

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Facebook continues its shopping spree.

After buying text messaging app WhatsApp for $19 billion, it's now snapping up Oculus, which makes virtual reality goggles, for $2 billion.

Facebook CEO Mark Zuckerberg says virtual reality could be the next big social media platform. Zuckerberg says Facebook won't make money from the devices, but rather from selling ads and virtual goods on them.

King Digital, the maker of the popular "Candy Crush" game, prices its IPO at $22.50 a share, that values the company at about $7 billion, making it one of the biggest tech IPOs this year.

King will start trading today on the New York Stock Exchange.

While the company is profitable, analysts worry it could be a "one trick pony," as it gets a bulk of its revenue from "Candy Crush."

The Senate Commerce Committee holds a hearing this afternoon on Target's massive data breach -- the company's Chief Financial Officer, John Mulligan, will testify.

Ahead of the hearing, a senate report says the retailer missed several opportunities to thwart hackers, and there was no indication it responded to warnings that malware was being installed on its servers.

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