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 …
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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.
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...
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.
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?
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?
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