Investors rallied to inject Magic Leap with $350 million, which will save around 1,000 employees from losing their jobs and allow the startup to continue developing its augmented reality platform.
Magic Leap announced in April that it would reduce its workforce significantly, but it appears layoffs are no longer planned as investors rallied to inject the startup with $350 million.
Business Insider and The Information report that Magic Leap CEO Rony Abovitz notified employees that they’re not getting laid off. In a last-minute effort, both existing and new investors supplied Magic Leap with enough cash to retain around 1,000 employees who were set to exit and continue developing its augmented reality platform. Magic Leap fell into despair after One sales disappointed and the COVID-19 outbreak limited operations.
Still, it’s likely that Magic Leap laid off employees prior to late April and will not ask them to return.
