The Telegraph stories that Saudi Arabia has gained majority management of developer Magic Leap in a deal price $450 million.
By way of its sovereign wealth fund often known as Public Funding Fund (PIF), Saudi Arabia now has a stake within the firm over 50 p.c. Per sources chatting with the Telegraph, “the PIF is entitled to nominate 4 of the eight administrators of the board of administrators of Magic Leap.”
In 2018, Saudi Arabia raised $400 million in funding for Magic Leap, so it is clear that it is wished to realize management of the developer for a while. With majority management within the developer, the area now has a presence in augmented and digital actuality, which presently options Meta (through its Quest headsets) and Sony (PlayStation VR).
Magic Leap is the developer behind the augmented actuality headset of the identical title. The unique Magic Leap headset launched in 2018 and following its lower-than-expected gross sales, the developer laid off dozens of employees throughout a number of departments. Earlier this 12 months, the Magic Leap 2 launched for $3299, although gross sales numbers have but to be disclosed.
When Magic Leap first gained consideration within the mid-2010s, numerous tech firms resembling Google and Warner Bros. offered funding to the developer. In 2016, the studio reportedly raised $4 billion in funding.
At time of writing, Magic Leap didn’t present a press release to The Telegraph, nor has it stated something in any respect about its current improvement.