Magic Leap investors mark down stakes

Magic Leap investors downgraded the worth of their stakes by an average of 93% between January and June, according to The Information. Institutional backers now reportedly value the augmented reality company at $450 million, down from a $6.7 billion valuation in April 2019, according to PitchBook data. This July, the company named former Microsoft executive Peggy Johnson as its new CEO, replacing co-founder Rony Abovitz. Abovitz stepped down in May, a month after Magic Leap reportedly laid off about half of its workers.

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