tech
Meta reportedly moves to unwind $2B Manus deal after Beijing's demand
Meta starts dismantling its $2 billion Manus acquisition after Beijing ordered the deal reversed.
TL;DR
- Meta has begun dismantling its $2 billion acquisition of AI startup Manus.
- This action is in response to a Chinese divestiture order issued on national security grounds.
- Meta has cut off Manus from its internal systems and stopped data sharing.
- Manus co-founders are in discussions about raising approximately $1 billion to reclaim the startup.
- Beijing is tightening its grip on its AI sector through various measures, including restrictions on foreign investment and executive travel.
- Manus investors, including Benchmark, Tencent, HSG, and ZhenFund, have received proceeds or will cooperate with the unwinding.
- The Manus acquisition faced scrutiny due to its Chinese origins.