Investors have slashed the price they’re willing to pay for Magic Leap stock in the secondary market by about 20% in recent weeks, say stockbrokers, a turnabout for one of last year’s most coveted private tech stocks.
The stock slump follows a critical report in The Information in early December that called into question the mixed reality startup’s prospects. The report, which was widely picked up by other media, said that Magic Leap’s forthcoming product won’t include the technology that has dazzled people in private demonstrations. It suggested Magic Leap was already well behind Microsoft, whose competing HoloLens product is already available.
