Magic Leap announces layoffs amid COVID-19 slowdown

Magic Leap laid off a “number of employees” this morning and announced they were backing away from their consumer ambitions to focus more heavily on selling to enterprise customers. Bloomberg reports that half of Magic Leap’s employees were laid off, roughly 1,000 in total. Magic Leap was in the process of exploring a sale, Bloomberg…

Magic Leap announces layoffs amid COVID-19 slowdown

Magic Leap laid off a “number of employees” this morning and announced they were backing away from their consumer ambitions to focus more heavily on selling to enterprise customers.
Bloomberg reports that half of Magic Leap’s employees were laid off, roughly 1,000 in total. Magic Leap was in the process of exploring a sale, Bloomberg had also reported, one that could value the company at $10 billion. Magic Leap is one of the most well-capitalized consumer hardware startups ever, having raised more than $2.6 billion from investors, including Google, Alibaba and Saudi Arabia’s Public Investment Fund.
Citing COVID-19, CEO Rony Abovitz wrote in a blog post that the company needed to shift focus to enterprise applications of its technology. Early-on, Magic Leap had long emphasized that it was a consumer device company.
“Adapting our company to these new market realities and ou
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