Magic Leap Layoffs
Sigh. $2B+ raised and cannot weather a brief storm/do right by their employees. I hope the severance was decent. https://techcrunch.com/2020/04/22/magic-leap-announces-layoffs-amid-covid-19-slowdown/
TechCrunch
It’s weird. Their main product was so good looking I’d have thought they’d be selling them like mad.
I thought their intent wasn't to go to production themselves but to develop promising IP, hype like mad, and get acquired. Not trying to be a cynic but I legit thought that was their end goal
magic leap of faith if you ask me.
You’re surprised a company that raised 2.6 B cannot weather 2 months of storm? I’m more surprised a company that has not produced any commercially successful hardware has raised 2.6B.
🙌
By using covid-19 as excuse they want to avoid WARN act
They’re not making any revenue and they aren’t expecting to be able to raise much money from idiot investors for 2+ years. Their best bet is acquisition now.
I’ll buy them for $20. Do you think they will consider my offer?
It makes sense for a startup to make big bets - enterprise is easier to monetize if you can make a compelling product, and startups have to change their approach when the economy goes base jumping
Curious what function let go first
The least technical people were hit hardest. Studios which makes the games, etc was also hit hard.
Not much impact to HW SW teams working on platform.
Shift to Enterprise started a year back where most of the revenue is. They just took a little longer to take concrete action, it could be much smaller downsizing if it was done early on.
So they’re goIng B2B completely now? That’s a shame.
Adapting to reality is key to survival..there is no consumer market for mixed reality next 2-3 years.
My point was very simple -this “move” to Enterprise is similar if Titanic captain would announce a “move” to become a submarine. It’s just a tactic to win some time and try to sell themselves, that’s it.
I don’t understand why these companies cannot sustain for 2 months when they have raised billions
You're getting it wrong. They were sinking ships anyway - all they were looking for was an excuse to lay people off. Covid is perfect for that.
Cleanse out the economy