back to article AR flop Magic Leap's 'pivot' spins CEO right off his throne

The controversial CEO of money-burning augmented-reality startup Magic Leap has announced he's leaving the job. Rony Abovitz posted the news on Thursday, recounting how since the company "pivoted to focus on delivering a spatial computing platform for enterprise", he and the board have "agreed that now is the time to bring in …

  1. This post has been deleted by its author

  2. BebopWeBop Silver badge
    Trollface

    Translation: It was a good gig while it lasted, but I've been rumbled. Never mind, I made a tidy sum out of all those 'investors'. Enough to tide me over until people have forgotten anyway.

  3. Chris G Silver badge

    Golden cushion

    On the board seat by any chance?

    You know, just to soften the landing after falling off the CEO's chair.

    To be honest, the man should be admired for both his nine years of staying power and the ability to raise 6.2 billion in backing with promo's that were revealed to be dodgy and so far no product that actually fulfills the original promise.

    1. MiguelC Silver badge
      Coat

      Re: Golden cushion

      He is an artist. A con artist, but an artist anyway.

    2. Steve Hersey

      Alas, for the days of the ancient kings

      When, in times of disaster, the ruler would be ritually sacrificed to carry to the gods a petition for rescue.

      Now, I don't personally think those gods existed, but the practice DID tend to have a self-correcting effect on incompetent leadership, and in those cases where the disasters were caused by said incompetence, the petitions were actually effective...

      1. Anonymous Coward
        Anonymous Coward

        Re: Alas, for the days of the ancient kings

        Sounds like a great plan, how fast can you scale up? We have a fairly large backlog of good candidates.

        1. zuckzuckgo Bronze badge

          Re: Alas, for the days of the ancient kings

          >"When, in times of disaster, the ruler would be ritually sacrificed " ...

          Any chance we can we have this process in place before November?

          1. Ken Hagan Gold badge

            Re: Alas, for the days of the ancient kings

            Seen the news lately? It looks like the plan is already underway.

    3. Pascal Monett Silver badge

      Re: Golden cushion

      You may be right, but I'll always have problem with admiring a con artist.

      He may have raised $2.6 billion (not 6.2), but he did it by lying continually and deliberately, and posting videos that were fake and not representative of the true abilities of the product.

      As for “the ability for businesses to operate across vast distances and connect with their customers in ways that mimic physical interactions ”, if MagicLeap does ever manage to pull that off, it will rake the money in by the tanker load because the porn industry is going to be all over it.

    4. Anonymous Coward
      Anonymous Coward

      Re: Golden cushion

      Practising for presidential run in 2024...

  4. Anonymous Coward
    Anonymous Coward

    He should be in prison for fraud ...

    ... and those who invested other people's money should be fired for negligence. Those who invested their own have been punished enough.

  5. Teiwaz Silver badge

    He's a con-man

    I'm amazed and disappointed that people are still investing money in Magic Lark.

    ....well, not that amazed.

  6. PATSYQB

    I have to disagree with some of the rather (IMO) harsh comments here. He founded a company that designed and produced robotic arm technology and computer assisted surgical tech... (anyone who has worked in that field will tell you how rigorous your design and quality need to be). He then sold the company and the tech. for an absolute shitload of money to a market leader in this field.

    The slightly sad part of this (as this article correctly points out) is that the knowledge his engineers gained in the R&D will likely be lost or go to other companies.

    There's no shortage of people, particularly in the USA, who are over hyping the next best thing. And it seems no shortage of people willing to jump off the cliff with them. Buyer Beware?

  7. John Smith 19 Gold badge
    Unhappy

    He has lined his pockets well.

    But what does that say about the due diligence of the people who threw such a shedload of cash at him?

    $deity on a bike, if Reaction Engines had his flair for BS the first Skylon would be in flight test by now.

    Both depressing and disappointing.

    1. BananaPeal

      Re: He has lined his pockets well.

      speak no heresy of the reaction engines. they compress o2 out of thin air like nobody else on earth!

  8. Anonymous Coward
    Anonymous Coward

    Another chapter in an MBA's 'disaster' textbook as a lesson of what not to do. Unlikely it'll do his career any harm. Never does.

    1. John Smith 19 Gold badge
      Unhappy

      "Another chapter in an MBA's 'disaster' textbook as a lesson of what not to do."

      Au contraire.

      MBA's are all about getting the cash in the first place.

      And in that he succeeded brilliantly.

      Seriously. $6.2 bn for a f**king VR headset.

      Which they have failed to deliver.

  9. Jonathan Richards 1

    The anagram has it:

    Rony Abovitz: A biz on toy VR

  10. knarf

    Throw shit, hit in face with said shit keep throwing more hoping it will stick

    What madman gave them an extra £350m

    1. Mark192 Bronze badge

      Re: Throw shit, hit in face with said shit keep throwing more hoping it will stick

      Knarf knarfed "What madman gave them an extra £350m?”

      Someone working for an investment company that needed to buy time to work out an exit strategy for themselves, after realising they'd squandered far more than $350m?

  11. Doctor Syntax Silver badge

    It puts selling anti-5G sticks for a mere £399 into perspective.

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