Florida-based Infinite Reality claims it raised more than $3 billion from a sole unnamed investor. That would make the obscure company the beneficiary of one of the biggest funding rounds of the year. Not all is as it seems. Inlate February, Infinite Reality’s cofounder and CEO John Acunto ran onto a sprawling stage at a studio space in Los Angeles to make a bombastic, if defensive-sounding, speech. “The bullshit factor is gone,” proclaimed the 53-year-old Acunto, illuminated by a neon blue back...