Meta Acquires Stake in EssilorLuxottica, Eyeing Wearable Tech Expansion
Summary
Meta, Facebook's parent company, acquires a minority stake worth around $3.51 billion in EssilorLuxottica, the maker of Ray-Ban sunglasses, signaling its ambitions to expand into wearable technology and AI-powered devices, with shares of EssilorLuxottica surging 6%.
Key Points
- Shares of Ray-Ban maker EssilorLuxottica jump 6% on reports Meta takes minority stake
- Meta reportedly buys stake worth around $3.51 billion, could increase to 5% share
- Move signals Meta's growing focus on wearable tech, AI-powered devices