Translation From VC-Backed PR Jargon to English of Magic Leap CEO Rony Abovitz’s Statement That He’s ‘Stepping Down’

Friday, 29 May 2020

From a company-wide memo sent by Magic Leap founder Rony Abovitz Thursday:

As we’ve shared over the last several weeks, in order to set Magic Leap on a course for success, we have pivoted to focus on delivering a spatial computing platform for enterprise.

As nearly everyone has finally realized, our actual technology is nothing at all like what we promised, lied about for years, and sold gullible deep-pocketed investors on. Our con is falling apart at the seams, so we’ll milk the last few dollars out of the only investors dumb enough to give us even more money, by repeating the word “enterprise” and doing that thing with our fingers like Obi-Wan Kenobi.

We have closed significant new funding and have very positive momentum towards closing key strategic enterprise partnerships.

You’re not going to believe this but we somehow raised another $350 million. I know, right?

As the board and I planned the changes we made and what Magic Leap needs for this next focused phase, it became clear to us that a change in my role was a natural next step.

Everyone agrees the jig is up.

I discussed this with the board and we have agreed that now is the time to bring in a new CEO who can help us to commercialize our focused plan for spatial computing in enterprise. We have been actively recruiting candidates for this role and I look forward to sharing more soon.

Our Craigslist ad: “Florida company seeks Bernie Madoff type.”

I have been leading Magic Leap since 2011 (starting in my garage). We have created a new field. A new medium. And together we have defined the future of computing.

No one will remember us or anything we’ve done — unless Netflix makes one of those documentaries like the Fyre Festival one. I love that movie. Which makes me think maybe we should change our Craigslist ad to “Billy McFarland type”. Actually, when does he get out of prison?

I am amazed at everything we have built and look forward to everything Magic Leap will create in the decades to come.

I am amazed that we raised $2.4 billion and have managed to stretch this con out for 7 years and counting. We even convinced Google to invest. Google! Those guys are smart!

I will remain our CEO through the transition and am in discussions with the board with regards to how I will continue to provide strategy and vision from a board level. I remain super excited about Magic Leap’s future and believe deeply in our team and all of their incredible talent and capabilities.

I guess I should be ashamed of myself but I’m not.