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Rony Abovitz, the co-founder and CEO of lavishly funded augmented reality company Magic Leap, will step down from his position, reports Business Insider. Abovitz’s planned departure, which doesn’t yet have a concrete date, marks an unceremonious end to his tenure at the helm of Magic Leap, a once-buzzy startup that earned a high profile for how secretive it was early on about its technology and the eye-popping amounts of venture capital it raised.
Magic Leap has so far raised about $3 billion dollars over the last decade, though it has only released one product, the Magic Leap 1 headset. The company raised $350 million of that funding just earlier this month, after laying off about 1,000 employees back in April and ditching its consumer…tech, The Verge