That guy can absolutely have private opinions and spend his money however he wants to. That said, he could have done the same thing in the other political direction and it would have also been bad for Oculus. He's a figurehead and it would have been wisest for him to have maintained a greater distance between his business and his political leanings (and especially the uncivilized way in which he chose to express them).
I feel like the bottom line though is that if the Oculus was on rock solid business ground, developers probably wouldn't be making much of a fuss or protest here. The Oculus absolutely requires the touch controllers to be a hit; for the roomscale 'Guardian' system to function at parity with the Vive; and for game developers to remain onboard. Oculus is a long way from achieving market penetration, let alone dominance and, crucially, it does not have a halo-level killer app (luckily for Oculus, so far no VR platform does). Never mind price of entry questions, it cannot make the jump in the market to mainstream that it needs without such software.
But as Jeff Backalar pointed out on the Beastcast, Luckey is young and he's rich and who can say that they didn't do stupid things when they were younger , and understood less about the world? Having money amplifies the range and impact of that stupidity. I imagine he'll look back on these events with a massive sense of embarrassment and regret in 10 years time.
Luckey is a founder of Oculus though, and this situation understandably gives worried developers a moral 'out'. It has given them a negotiating position they didn't have before. From both moral and business perspectives, they are absolutely right to exploit the situation and apply pressure.
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