Palmer Luckey Net Worth

April 23, 2023
2 mins read

Palmer Freeman Luckey was born on the 19th September 1992 in Long Beach, California USA, and is a businessman and entrepreneur. Probably best known for having founded Oculus VR, and invented Oculus Rift – a virtual reality head-mounted display that allows users to experience different virtual realities.

Have you ever wondered how much wealth has this young genius accumulated so far? How rich Palmer Luckey is? According to sources, the total amount of Palmer’s net worth, as of early 2016, is estimated at $700 million including a $120,000 worth Tesla model S automobile. Yes, you read it correctly – seven hundred million! Forbes ranked him in 2015 America’s Richest Entrepreneur Under 40 list at #26.

Palmer Luckey Net Worth $700 Million

Palmer was raised in his home town, among three younger sisters; his father was a car dealer, and Palmer was home-schooled by his mother, plus took sailing lessons on the side. Even then he showed an interest in electronics. He attended Golden West College and Long Beach City College before enrolling at California State University in Long Beach, perhaps surprisingly majoring in journalism – he served as an online editor of Daily 49er, university’s student-run newspapers.

While a teenager, Palmer had experimented with various high-voltage electronic devices such as Tesla coils and lasers. He even built a PC with six monitors, all by himself, apparently costing tens of thousands of dollars. His interest in virtual reality has lead him to creating a unique collection of over 50 different headsets. By fixing damaged iPhones and reselling them, he managed to earn more than $36,000 – which provided the basis for his impressive net worth and enabled him to fund his future projects.

During his stay at university, Palmer’s enthusiasm for VR and skill with electronics was recognized and he became a part-time engineer at the Mixed Reality Lab (MxR) at the Institute for Creative Technologies (ICT) as well as a part of a design team at the University of Southern California, in the cost-effective virtual reality section. In 2011, at the age of 18, Palmer Luckey created his first VR prototype, called CR1, in his parents’ garage. In the next 10 months, Palmer developed a series of prototypes, exploring different features and including them in his VR headsets. The sixth generation, named “Rift”, slightly improved by John Carmack, game developer of id Software, was publicly presented at the Electronics Entertainment Expo in 2012, gaining the attention of thousands of people. Palmer dropped out of university and decided to focus on development of VR headsets, which, judging by his subsequent growth of his net worth, was the right decision.

Palmer Luckey founded Oculus VR and started a Kickstarter campaign with the goal of funding Oculus Rift. The campaign was a huge success, raising $2.4 million in the period of a month. In 2014, Mark Zuckerberg’s Facebook acquired Oculus VR for $2.3 billion, in stock and cash, making Palmer Luckey a millionaire – this is the main source of his huge fortune. Later in the same year, Palmer won an American Ingenuity Award in the Youth Category by the Smithsonian magazine.

When it comes to his personal life, there are no rumors, controversies or scandalous affairs connected to Palmer Luckey, although he is very active on various social networks; any relationship is still private. His wealth hasn’t change him a bit – he is still the same as the kid experimenting with electronics in his parents’ garage. The general impression in the media, and as his friend say, is that Palmer is a modest, young man. He can often be seen in public in his casual clothing, wearing Hawaiian shirts and sandals.

Daniel Wanburg

As the Managing Editor at Net Worth Post, I lead a talented team in delivering compelling content on the lives and achievements of influential figures. With a keen eye for detail and a passion for storytelling, I oversee the production of insightful biographies that resonate with our audience. My role involves not only managing the editorial process but also conducting research, crafting engaging narratives, and ensuring the accuracy and quality of our publications.

At NetWorthPost, we strive to provide our readers with in-depth profiles that offer valuable insights into the worlds of business, entertainment, and beyond. Through meticulous research and captivating storytelling, we bring to light the remarkable journeys and successes of individuals who inspire and captivate us.

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