Visionary or looney? Zuckerberg on spending spree

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Updated: 3/26 5:36 pm

NEW YORK (AP) — Facebook's two biggest acquisitions yet are raising some eyebrows. Longtime technology analyst Roger Kay wonders whether Mark Zuckerberg "is nuts" for agreeing to pay $2 billion for virtual reality company Oculus less than five weeks after inking a deal to buy WhatsApp for $19 billion.

Other observers are calling the Facebook CEO visionary.

The company's latest purchase doesn't have a consumer product on the market yet. Zuckerberg, though, sees long-term implications for Oculus' technology. He says the deal is "a long-term bet on the future of computing."

Facebook's investors seemed to think Oculus' promise is too far off. The Menlo Park, Calif.-based social networking company's stock fell 7 percent on Wednesday to close at $60.38.

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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