Media: Saudi Arabia's Sovereign Wealth Fund bought a controlling stake in Magic Leap for $450 million
Sources of The Telegraph report that the Public Investment Fund (PIF) from Saudi Arabia has acquired more than 50% of the shares of the creator of the Magic Leap AR headsets.
As the publication notes, the foundation now has the right to appoint four of the eight members of the Magic Leap board of directors. Whether he is going to use it is unknown.
This is not the first time PIF has invested in Magic Leap. In 2018, he led a $400 million funding round. In addition to PIF, only one company participated in the round at that time — the venture capital firm Axel Springer Digital Ventures.
