Saudi Arabia Gains Majority Stake in Magic Leap in $450M Deal

Saudi Arabia has taken majority share of the US-based augmented reality company Magic Leap, The Telegraph reports, widening the stake via its state-owned sovereign wealth fund with a deal amounting to $450 million.Citing delayed accounts obtained from its European division, the company is said to have raised $150 million in preferred convertible stock and $300 million in debt from Saudi Arabia’s Public Investment Fund (PIF) over the course of 2022. The investment puts t