Magic Leap Inc. Cuts 75 Jobs Amid Business Strategy Shift

Magic Leap, a prominent augmented reality startup, laid off around 75 employees, including its entire sales and marketing divisions, as part of a strategic pivot towards becoming a component vendor for other companies interested in developing AR headsets. This move follows a series of shifts in Magic Leap's focus from consumer AR devices to technology licensing, aiming to license its optics technology for AR headsets. The restructuring and layoffs come amidst efforts to realign with market dynamics and explore emerging opportunities, marking a significant transition for the once high-flying company that previously raised substantial funding.