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Recode Daily: Magic Leap’s much-hyped AR tech is nowhere close to reality

The company has raked in $1.4 billion in funding at a valuation of $4.5 billion.

Magic Leap CEO Rony Abovitz
Brian Ach/Getty Images for Wired

Secretive augmented-reality startup Magic Leap dazzled consumers, recruited employees and attracted $1.4 billion in funding using videos created with special effects and technology that will not make it to commercial release. The gear currently being prototyped is something closer to Microsoft’s HoloLens, but not as far along. — [Reed Albergotti / The Information]

Lawsuits filed by Facebook investors allege board member Marc Andreessen failed to properly represent minority shareholders and instead secretly advised Mark Zuckerberg in a board debate over creating a new class of stock. — [Sarah Frier and Jef Feeley / Bloomberg]

Two prominent tech analysts are getting new gigs. Gene Munster, the industry’s most prominent Apple analyst, is leaving Piper Jaffray to start a new venture capital firm, and Robert Peck of SunTrust Robinson Humphrey is joining Credit Suisse as head of global internet investment banking. — [Benzinga]

Donald Trumps pick for labor secretary is fast-food executive Andrew Puzder, a critic of Obama administration workplace regulations and an opponent of increases in the minimum wage. — [Noam Scheiber / New York Times]

Microsoft finalized its acquisition of LinkedIn and laid out plans to integrate its features in various Microsoft products. Microsoft is looking to avoid some of the problems it has had with earlier acquisitions by giving LinkedIn a significant degree of independence. — [Tom Warren / The Verge]

YouTube has reached a settlement, estimated to be worth more than $40 million, with the National Music Publishers’ Association over unpaid songwriting royalties. — [Ben Sisario / New York Times]

On the latest episode of Too Embarrassed to Ask, Recode’s Kara Swisher and The Verge’s Lauren Goode and Dan Seifert talk about the best way to start with “smart home” gadgets. — [Eric Johnson / Recode]

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