Who Is Still Investing in Magic Leap in 2020?

Photo: Sam Rutherford (Gizmodo)Despite recently having to announce the lay off of 1,000 employees, it would now appear that Magic Leap has somehow pulled a $350 million miracle out of its ass. In a letter sent to employees—first obtained by Business Insider—Magic Leap CEO Rony Abovitz said the company had secured a new round of…

Who Is Still Investing in Magic Leap in 2020?

Photo: Sam Rutherford (Gizmodo)Despite recently having to announce the lay off of 1,000 employees, it would now appear that Magic Leap has somehow pulled a $350 million miracle out of its ass. In a letter sent to employees—first obtained by Business Insider—Magic Leap CEO Rony Abovitz said the company had secured a new round of investment to the tune of $350 million. As a result, Abovitz wrote the company was withdrawing the WARN notice—a 60-day written notice employers are legally required to provide before mass layoffs—sent to staffers in late April.But who exactly is ponying up this much cash for Magic Leap, a company that after years of secrecy and hype produced an utterly mediocre mixed reality headset? And how does it keep pulling absurd amounts of investment out of thin air? That’s not abundantly clear from Abovitz’s letter, which merely says this current round of funding came from “current major investors,” and “new investors.” Earli
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