Magic Leap dropped half of its staff after it charted a "new course" in restructuring itself, surviving the COVID-19 pandemic and its many effects on the world. This is also not the first time Magic Leap has been in trouble.
In an official statement at the time, CEO Rony Abovitz said the restructuring would also see an increased focus on enterprise. This was barely a month ago, and now Rony Abovitz has stepped down as CEO of Magic Leap. It seems Rony Abovitz has removed himself from Magic Leap's reality.
Anyone that has been following Magic Leap's super mysterious journey as an augmented reality startup, as it has raised billions of dollars from some of the largest companies and investors in the world -- without a consumer product. The company pivoted towards enterprise, and that's not working either -- but maybe with a new injection of funding, things will change.
Magic Leap recently secured itself lifeline funding of $350 million, and after recently dropping its consumer-focused Magic Leap One headset, the new focus on enterprise might help them. Maybe...
Abovitz explained in his full statement:
As we've shared over the last several weeks, in order to set Magic Leap on a course for success, we have pivoted to focus on delivering a spatial computing platform for enterprise.
We have closed significant new funding and have very positive momentum towards closing key strategic enterprise partnerships.
As the board and I planned the changes we made and what Magic Leap needs for this next focused phase, it became clear to us that a change in my role was a natural next step. I discussed this with the board and we have agreed that now is the time to bring in a new CEO who can help us to commercialize our focused plan for spatial computing in enterprise. We have been actively recruiting candidates for this role and I look forward to sharing more soon.
I have been leading Magic Leap since 2011 (starting in my garage). We have created a new field. A new medium. And together we have defined the future of computing. I am amazed at everything we have built and look forward to everything Magic Leap will create in the decades to come.
I will remain our CEO through the transition and am in discussions with the board with regards to how I will continue to provide strategy and vision from a board level. I remain super excited about Magic Leap's future and believe deeply in our team and all of their incredible talent and capabilities.