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May 28, 2020, 10:31 p.m. EDT

Magic Leap CEO Rony Abovitz to step down: report

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By Mike Murphy

Rony Abovitz, founder and chief executive of the much-hyped augmented-reality startup Magic Leap, is stepping down, Business Insider reported Thursday, citing an internal memo it acquired. In the same memo, Abovitz reportedly said the company has also secured a new round of funding to keep it afloat. Abovitz will reportedly stay on at the company as an active search is conducted to find his replacement. The company, founded in 2011, has raised about $3 billion over 10 funding rounds, according to CrunchBase. The company was the subject of much buzz several years ago as it touted its secretive, allegedly game-changing augmented-reality technology, but its only product, a headset released in 2018, has failed to generate significant sales. In April, Magic Leap laid off about half of its 2,000 employees, Bloomberg news reported , and reportedly pivoted from consumer to enterprise products.

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