Saudi PIF Takes Majority Control of Magic Leap

Posted on 12/27/2022

Florida-based company Magic Leap is an augmented reality company that has had some financial struggles. Saudi Arabia’s Public Investment Fund (PIF) took majority control of the company for US$ 450 million. PIF now has an ownership stake greater than 50% in Magic Leap. PIF has the right to appoint four directors on Magic Leap’s eight-member…

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