page contents Magic Leap withdraws conditional layoff notices after raising $350 million – The News Headline

Magic Leap withdraws conditional layoff notices after raising $350 million

Augmented truth corporate Magic Bounce has raised $350 million in investment from present and new traders, in keeping with The Knowledge.

The scoop comes a month after Magic Bounce laid off a reported 1,000 workers to assist it “adapt to new marketplace realities.”

In a memo despatched out to personnel, Magic Bounce leader exec Rony Abovitz defined the investment would permit the corporate to proceed commonplace operations. 

The CEO has additionally withdrawn the conditional layoff notices despatched to final workers again in April, and mentioned the corporate is not making plans extra layoffs. 

Earlier than the most recent money injection, Magic Bounce had raised neatly over $2 billion in lifetime investment to create an augmented truth headset, however gross sales of its debut Magic Bounce One headset failed to fulfill expectancies. 

Again in March, there have been rumblings that the corporate was once exploring the potential for a sale at a $10 billion valuation, with suitors together with Fb and medial large Johnson & Johnson having reportedly proven tentative passion.

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