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Meta Company's financing Fallout followed by Furloughs, report says «Meta 2 :: Next Reality



Following a $ 20 million round of financing, augmented reality headset maker Meta Company was forced to retire (or temporarily release) 65 percent of its workforce for 30 days.

On Monday Meta CEO Meron Gribetz said Bloomberg that the round of financing was put on hold by leading investors from China, which also jeopardized the remaining pledged funds of other investors.

"The Chinese government has made an official request to our lead investor to re-evaluate the business based on recent Trump government action," Gribetz told Bloomberg . "This was a big shock for us."

A company spokesman confirmed that the retreats began on September 3. Affected employees are completely on leave for 30 days.

Earlier funding from people like Tencent Holdings Ltd and Lenovo Group Ltd., China, is critical to Meta's business. Therefore, Meta plans to establish a subsidiary in China to facilitate Chinese investment and avoid tariffs, as many of Meta's suppliers are also based in China.

"The Chinese government understands that augmented reality and virtual reality are the future of the future," said Gribetz. "Any company that needs to raise significant amounts of capital and produce goods cost-effectively and conquer markets that are hungry for early adoption must be present in China."


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