Magic Leap Announces Layoffs & Abandons Consumer AR in Major Restructuring

[Uskompuf]

Magic Leap the augmented-reality startup has raised over 2 billion dollars from investor such as Alphabet and Alibaba to develop AR products. In a recent blog post by CEO Rony Abovitz titled "Charting a New Course" he announces that the company has come under financial hardship due to the ongoing COVID-19 pandemic and will focus all of its resources on the enterprise market and the launch of Magic Leap 2. This restructuring will involve Magic Leap abandoning its consumer developments in the near-term and significant layoffs, Bloomberg reports layoffs may be 1000 which would result in the companies workforce halving.




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[ZeppMan217]

Magic Fall, more like.

 

[bobsled]

Where did the 2 billion go? What a joke.

 

[Vayra86]

The perfect escape. 2 billion up in smoke. Well played, sir. It certainly was a magic leap.