https://wccftech.com/magic-leap-executives-quit-as-company-struggles-with-cashflow/

It's no secret that Magic Leap hasn't lived up to expectations, with some stakeholders in the AR/VR industry calling it a "flop". Things continue to look dire with the company, as key executives signalled their intent to quit the firm this week on the heels of it having to put up its entire patent portfolio as collateral to secure a high-risk Series-E funding round.

CFO Scott Henry and Senior VP of creative strategy John Gaeta have both left Magic Leap as it is in the middle of its fifth official round of funding. The company has yet to disclose the value of its Series-E round as it hasn't closed, but a spokesperson has been quoted as saying that it will be a mixture of equity and debt funding. Henry has been with Magic Leap since 2014 and has helped it raise several funding rounds, during which the company has taken in $2.6 billion. Gaeta is a well-known name in the VFX industry, having worked on The Matrix in 1999 pioneering "bullet time" effect.