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Presumably you're getting someone in a call center in Bangladesh who's lucky to get $100 a month for 60 hour weeks.

From their website's FAQ :

Who Are The Assistants? Where Are They Located?

Magic is fully remote with an operational headquarters in Manila. We hire smart generalists who are resourceful, fast on the computer, 100% fluent in English, and have graduated from top universities in the Philippines.

Our assistants are looking to work remotely for startups or small to midsize businesses. We do not operate a “call center”—we have a screening process for the companies we work with, and we pay our assistants significantly above the market rate.

Magic Dedicated Assistants are paid well above the Philippines’ minimum wage of $9 per day (source).

> those hourly rates seem way too low

Perhaps they use investor money to make up for the difference (a kind of growth hacking). Perhaps their idea is to replace workers by AI at some point.