According to confidential sources, Meta, a prominent US technology conglomerate, has successfully concluded the acquisition of a 49% stake in the artificial intelligence startup Scale AI for a substantial sum of $14.3 billion.
Scale AI announced on Thursday evening that this deal values the company at $29 billion. Notably, Alexander Wang, the founder and CEO of Scale AI, will be joining Meta, where he is expected to assume a pivotal role in shaping the artificial intelligence strategy of Meta, the parent company of Facebook.
In the wake of this development, the company also revealed that Jason Droege, Scale AI’s chief strategy officer, will step into the position of interim CEO.
Second-Largest Deal in Meta’s History
This acquisition marks Meta’s second-largest transaction to date, trailing only its $19 billion acquisition of WhatsApp. Given the confidential nature of the information, the sources preferred to remain anonymous.
Scale AI’s Valuation Trajectory
In a financing round in May 2024, Scale AI’s valuation neared $14 billion. During that period, the company secured $1 billion in funding from major tech players including NVIDIA, Amazon, and Meta itself.
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