June 13 (UPI) -- Tech giant Meta is investing more than $14 billion to acquire a 49% stake in artificial intelligence firm Scale AI, the San Francisco-based company's CEO confirmed on X.
"As you've probably gathered from recent news, opportunities of this magnitude often come at a cost. In this instance, that cost is my departure. It has been the absolute greatest pleasure of my life to serve as you CEO," co-founder Alexandr Wang wrote on X earlier this week.
Scale Chief Strategy Officer will take over as chief executive, while Wang will move to Meta as part of the deal, which is reportedly worth $14.3 billion.
"As to what's next for me, I will be leaving Scale to join Meta to work on Meta's AI efforts along with a few other Scaliens. While it is bittersweet to depart as CEO, I would never leave Scale behind. I'll stay on as a director on the Board, continuing to support Scale's mission and long-term vision," the outgoing CEO wrote on X.
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