From Flipping iPhones To A Billionaire

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Welcome to the #7 edition of Internet Money Stories 💰

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Palmer Luckey's journey from flipping iPhones to selling Oculus for $2 billion is a fascinating story of innovation, determination, and passion for technology.

Early Interest in Technology:

Palmer Luckey was born on September 19, 1992, in Long Beach, California.

From a young age, he had a strong interest in technology, particularly in virtual reality.

In his teenage years, Luckey began working as an iPhone repair technician.

He developed valuable technical skills and earned money by fixing and reselling iPhones. This experience exposed him to the world of consumer electronics and hardware tinkering.

Passion for Virtual Reality:

While working on iPhones, Luckey never lost sight of his passion for virtual reality.

In his spare time, Luckey began developing his VR headset prototype, which he called the Oculus Rift.

He used off-the-shelf components and 3D-printed parts to create an immersive VR experience.

Kickstarter Campaign:

In August 2012, at the age of 19, Palmer Luckey launched a Kickstarter campaign to fund the development of the Oculus Rift.

His goal was to raise $250,000 to bring the VR headset to a wider audience.

The Kickstarter campaign gained massive attention, exceeding its initial goal and ultimately raising over $2.4 million from enthusiastic backers.

With the Kickstarter funding, Luckey continued to refine and improve the Oculus Rift.

He also formed key partnerships with developers and game studios to create VR content that would showcase the potential of the technology.

Oculus VR, Inc. Formation:

To manage the growing demand and development needs, Palmer Luckey co-founded Oculus VR, Inc., along with key industry figures such as Brendan Iribe, Michael Antonov, Nate Mitchell, and John Carmack.

In 2013, Oculus unveiled the Oculus Rift prototype at the Electronic Entertainment Expo (E3), a major gaming industry event.

The prototype received overwhelmingly positive feedback from both developers and the gaming community, generating significant buzz around the potential of VR gaming.

Acquisition by Facebook:

In March 2014, just two years after the initial Kickstarter campaign, Oculus VR announced that it would be acquired by Facebook for approximately $2 billion in cash and stock.

The acquisition was a significant milestone for both Oculus VR and the VR industry as a whole.

Facebook saw the potential for VR to be a transformative technology for social interaction and beyond.

Under the ownership of Facebook, Oculus VR continued to develop and release VR hardware, including the Oculus Rift and the Oculus Quest series of standalone VR headsets.

They also invested in VR software and content to build a thriving ecosystem.

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Armaan 🤝