Augmented-Reality Startup Magic Leap Cuts Sales, Marketing Teams
- The augmented reality company laid off about 75 employees
- Startup pivoting from enterprise product to licensing its tech
Founded in 2010, Magic Leap initially planned to build an augmented reality headset that could serve as a commercial device for consumers.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
Magic Leap Inc., the once-vaunted augmented reality startup, cut about 75 jobs on Thursday, including its entire sales and marketing departments, according to two people familiar with the matter.
It’s the latest grim moment in a stunning fall from grace for the company, which was once one of the hottest upstarts in tech, and that just a few years ago raised $3.5 billion.