Magic Leap’s shell game continues with new $350 million investment

by Surur
May 22, 2020

Almost exactly a month ago Magic Leap announced that it was laying off half of their employees, blaming the COVID-19 crisis rather than having sold only 6000 headsets in 6 months, despite raising more than $2 billion from investors which includes Alphabet, Alibaba, Qualcomm and others.

Now it appears the company has been rescued by a new injection of money, with the Information reporting the company managed to raise an additional $350 million from existing and new investors.

This appears to have safeguarded the remaining employees, with Magic Leap withdrawing their WARN notice which old employees they were at imminent risk of being laid off.

It is unclear if this changes Magic Leap’s plans to move from the consumer to the enterprise market, or if they are still looking to be purchased.

Via Engadget.

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