The team managed to raise more money to continue its work.
Magic Leap has been struggling because of poor sales and the coronavirus pandemic for some time, and the previous plan was to lay off around 1,000 people to cut costs. Business Insider and The Information reported that company chief Rony Abovitz informed the company's employees that Magic Leap managed to raise $350 million from existing and new investors.
The team decided to withdraw the layoff notices sent to the remaining staff in April. Little is known about the number of employees that lost their jobs before the latest round, but the remaining staff doesn't have in the near future according to the new report. Magic Leap started strong and managed to raise $2.6 billion for the team's mixed reality headset, but they now have to show a commercial success.
You can learn more in an article by The Information here. What do you think about the team's project? Will they be able to make it through dark times and find their audience?