Bloomberg: Magic Leap Cuts Half of Jobs In Major Restructuring

[Jedi]

Magic Leap Inc., the augmented-reality startup that raised more than $2 billion from high-profile investors including Alphabet Inc. and Alibaba Group Holding Ltd., is cutting about half of its workforce as part of a major restructuring, according to people familiar with the matter.

About 1,000 employees will be affected, the people added. The company is planning to wind down its consumer business and will instead focus on its enterprise products, the people said, asking not to be identified because the matter is private.

The decision to abandon its consumer ambitions represents a dramatic retreat for a company that was at one time seen as the future of at-home augmented reality.

Magic Leap Cuts Half of Jobs In Major Restructuring

Magic Leap Inc., the augmented-reality startup that raised more than $2 billion from high-profile investors including Alphabet Inc. and Alibaba Group Holding Ltd., is cutting about half of its workforce as part of a major restructuring, according to people familiar with the matter.

www.bloomberg.com