Rs 12291300000: Salary Mark Zuckerberg is paying to 28-year-old genius to..., not from IIT, IIM, IIIT, VIT, NIT, his name is...
Super Intelligence Unit: 28-year-old Alexander Wang will now lead the newly created Super Intelligence Unit of Meta, Facebook's parent company. The company's main aim of creating this unit is to be ahead of the Artificial Industry (AI) from other rival companies. For this job, Meta CEO Mark Zuckerberg has prepared an entire army of big names from the tech industry, paying them hefty amounts. But do you know about Alexander Wang, who is a very prominent name in the startup sector? Let's know more about him.
Who Is Alexander Wang?
Wang had became the youngest self-made billionaire in 2021. He was only 24 then. Now, he will lead Meta's Super Intelligence unit. Talking about his education, Wang enrolled in the Massachusetts Institute of Technology (MIT), US and then left the school. Later, he started Scale AI, a US-based data annotation company headquartered in San Francisco. The company specialises in providing data labeling and model evaluation services to develop apps for AI.
Wang was born in 1997 in New Mexico. His parents were physicists and used to work for the American Air Force.
Meta's Major Deal With Scale AI
Meta has recently signed a deal with Scale AI. Under the deal, the company will invest 14.3 billion US dollars (approx Rs 1.2 lakh crore) in Scale AI, acquiring up to 49 percent stake in this deal.
Confirming the partnership, Meta stated that Wang will join the company and will be in charge of the new Super Intelligence unit.
Mark Zuckerberg's Big Plan For Super Intelligence Unit
Meta CEO Mark Zuckerberg has major plans for newly built Super Intelligence unit. For this, he has included prominent individuals from the AI industry. Mark has given a package of up to USD200 million to former Apple employee Ruoming Pang.
Meta's Second Biggest Deal
Meta's collaboration with Scale AI ranks as its second-largest partnership, following its 2014 acquisition of WhatsApp for USD19 billion.
Scale AI
Started in 2016, Scale AI provides the necessary data on a large scale. The data provided by the company is used by Advanced AI systems for their training. In 2024, the value of the company was about USD14 million.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
27 minutes ago
- Business Standard
Irdai proposes internal ombudsman to address claims up to ₹50 lakh
The Insurance Regulatory and Development Authority of India (Irdai) on Wednesday proposed the establishment of an internal insurance ombudsman for insurance companies (except reinsurers) with over three years of operations, to address unresolved complaints. The ombudsman will have the authority to hear complaints for claims up to Rs 50 lakh. The insurance regulator said it has proposed to issue the IRDAI (Internal Insurance Ombudsman) Guidelines 2025 to facilitate effective and speedy grievance resolution and to further improve complaint management standards. In its press release, Irdai said: 'The draft guidelines propose the establishment of an independent and impartial review mechanism within insurers to address unresolved or escalated complaints in a fair, transparent, and time-bound manner. Applicable to all insurers (except reinsurers) with more than three years of operations, the framework mandates the appointment of an internal insurance ombudsman to address complaints involving claims up to Rs 50 lakh.' 'Insurers may also appoint more than one internal insurance ombudsman, with well-defined jurisdiction, to ensure effective coverage and responsiveness,' Irdai added. According to the draft, a person shall be qualified for the appointment of internal insurance ombudsman only if they have served for at least 20 years in the insurance industry and held a post not less than two levels below that of a board director. The person must not be currently working with, or have previously worked with, the insurer or companies in the group to which the insurer belongs. The appointment shall be for a fixed term of three years or until the age of 70, whichever is earlier. The minimum age at the time of appointment shall not be less than 55 years. The ombudsman will report administratively to the managing director or chief executive officer of the insurer and functionally to the board or the Policyholders' Protection and Grievance Redressal and Customer Management (PPGR & CM) Committee. As per the proposed norms, the internal insurance ombudsman will consider complaints that have not been responded to within 30 days of receipt, complaints that have been partly or wholly rejected, and cases in which complainants have preferred an appeal. In each case, the ombudsman must record a 'reasoned decision', which shall be binding on the insurer. Irdai further stated: 'A complainant aggrieved by the decision of the internal insurance ombudsman of an insurer may, within 30 days of the date of receipt of communication of the decision, prefer an appeal before the insurance ombudsman in accordance with the Insurance Ombudsman Rules, 2017.' The guidelines will come into effect within three months of the date of their issuance. All stakeholders have been asked to submit their comments and suggestions on the proposed regulations on or before August 17, 2025.
&w=3840&q=100)
Business Standard
27 minutes ago
- Business Standard
IndusInd Bank to raise Rs 30k cr; promoters get board nomination nod
Private sector lender IndusInd Bank on Wednesday said its board of directors has approved a proposal to raise Rs 30,000 crore through a combination of debt and equity. Additionally, the bank's board has allowed the promoters to nominate up to two directors on the board, subject to approval from the Reserve Bank of India (RBI) and shareholders. In an exchange notification, the bank said the board, with RBI approval, has cleared amendments to the Articles of Association empowering the promoters to collectively nominate up to two directors on the board, classified as non-executive non-independent directors, subject to shareholder approval. Currently, the promoters have no representation on the bank's board. The board comprises non-executive directors only, as both the managing director and chief executive officer (MD & CEO) and the deputy CEO resigned in April, taking responsibility for accounting lapses. The bank's promoter, Ashok Hinduja, had said in March this year—when the bank disclosed discrepancies in its derivative portfolio leading to losses of over Rs 2,000 crore—that the promoters were ready to inject capital if required. However, with the bank's capital adequacy at comfortable levels, he stressed there was no immediate need for additional capital and that the bank had not sought fresh funds. As of March 2025, IndusInd Bank reported a Capital to Risk (Weighted) Assets Ratio (CRAR) of 16.24 per cent, with Tier I at 15.10 per cent and Tier II at 1.14 per cent. In the January–March quarter (Q4FY25), the bank reported a net loss of Rs 2,329 crore after substantially increasing provisions and reversing incorrectly booked revenue and income related to discrepancies in its derivatives and microfinance portfolios. The embattled lender saw its MD & CEO Sumant Kathpalia and Deputy CEO Arun Khurana step down in April, taking responsibility for a Rs 1,960 crore loss on the derivatives portfolio. The board submitted a shortlist of three candidates to the RBI on June 30 and is awaiting approval to appoint a new MD & CEO. Meanwhile, the board approved raising Rs 20,000 crore through debt securities, either via private placement or in permitted foreign currencies, subject to approvals. An additional Rs 10,000 crore will be raised to augment capital through the issuance or placement of securities including American Depository Receipts (ADR), Global Depository Receipts (GDR), Qualified Institutional Placement (QIP), and others. Separately, the bank informed the exchanges that Jayant Deshmukh has ceased to be a non-executive independent director of the bank with effect from the close of working hours on Wednesday, July 23, 2025, upon completion of his tenure.
Mint
27 minutes ago
- Mint
Wall Street Live: S&P 500, Nasdaq, Dow Jones edge up on US-Japan trade deal
Wall Street equity benchmarks edged higher on Wednesday after US President Donald Trump finalized a trade deal with Japan. At the open, the Dow Jones Industrial Average rose 158.7 points, or 0.36%, to 44661.12. The S&P 500 rose 17.3 points, or 0.27%, to 6326.9, while the Nasdaq Composite rose 73.8 points, or 0.35%, to 20966.467. Gold prices fell on Wednesday after the US-Japan trade deal. As of 1351 GMT, spot gold was down 0.6% at $3,412.03 per ounce. US gold futures also slipped 0.7% to $3,421.50. Among other metals, spot silver rose to nearly 14-year high, gaining 0.2% to $39.35 per ounce. Platinum fell 1.4% to $1,420.92 and palladium was down 0.4% at $1,269.60. Oil prices continued its decline on Wednesday, as investors assessed global trade development. As of 1246 GMT, Brent crude futures were down 35 cents, or 0.5%, at $68.24 a barrel. US West Texas Intermediate crude futures fell 33 cents, or 0.5%, at $64.98 per barrel.
