Latest news with #Droege
Yahoo
20 hours ago
- Business
- Yahoo
Meta invests in Scale AI and appoints founder to lead AI unit
Meta Platforms has announced a substantial investment in Scale AI, which has resulted in a valuation of the data-labelling startup exceeding $29bn. This investment will see Scale AI's founder, Alexandr Wang, take on a leadership role at Meta, where he will oversee the company's AI initiatives while retaining his position on Scale AI's board of directors. Recently, Meta Platforms reportedly agreed to acquire a 49% stake in the US-based AI startup for $14.8bn. Sources familiar with the negotiations, as reported by Reuters, suggest that the primary aim of this investment is to secure Wang's expertise to lead Meta's new superintelligence unit. The partnership aims to enhance the existing commercial relationship between Meta and Scale AI, facilitating the rapid deployment of Scale's data solutions. Following the investment, Scale AI has appointed Jason Droege, its chief strategy officer, as interim CEO. Droege, who joined Scale in September 2024, brings over two decades of experience from companies such as Uber Eats and Axon. Droege said: 'Meta's new investment and our broadened commercial agreement is a testament to the incredible work and dedication of the entire Scale team, and the tremendous upside that lies ahead for Scale.' According to Scale AI, the funds from the investment will be used to drive 'innovation' and strengthen strategic partnerships with clients. The company plans to distribute a portion of the proceeds to its shareholders and vested equity holders, providing liquidity while allowing them to maintain their stakes in Scale. Following the investment, Meta will hold a minority interest in Scale AI's outstanding equity. The company will continue to collaborate with AI laboratories, multinational corporations, and government entities to provide data and technology solutions as the field of AI evolves. In a statement, Wang said: 'AI is one of the most revolutionary technologies of our time, with unlimited possibility and far-reaching influence on how people, businesses and governments succeed. 'Scale bridges the gap between human values and technology to help our customers realise AI's full potential. Meta's investment recognises Scale's accomplishments to date and reaffirms that our path forward – like that of AI – is limitless.' "Meta invests in Scale AI and appoints founder to lead AI unit" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
CNBC
a day ago
- Business
- CNBC
Scale AI plans to promote strategy chief Droege to CEO as founder Wang heads for Meta
Scale AI plans to promote Chief Strategy Officer Jason Droege to serve as its new CEO, with founder Alexandr Wang heading to Meta as part of a multibillion-dollar deal with the company, CNBC has confirmed. Meta is finalizing a $14 billion investment into artificial intelligence startup Scale AI, CNBC reported earlier this week. Wang will help lead a new AI research lab at Meta and will be joined by some of his colleagues. The New York Times was first to report about the new AI lab. Bloomberg first reported that Droege was picked to be the new CEO. CNBC confirmed Scale AI's plans with a person familiar with the matter who asked not to be named because of confidentiality. Scale AI and Droege didn't respond to CNBC's requests for comment. Droege joined Scale AI in August of 2024, according to his LinkedIn profile. Prior to his role at the startup, he served as a venture partner at Benchmark and a vice president at Uber. Founded in 2016, Scale AI has achieved a high profile in the industry by helping major tech companies like OpenAI, Google and Microsoft prepare data they use to train cutting-edge AI models. Meta has been pouring billions of dollars into AI, but CEO Mark Zuckerberg has been frustrated with its progress. Zuckerberg will be counting on Wang to better execute Meta's AI ambitions following the tepid reception of the company's latest Llama AI models. Meta will take a 49% stake in Scale AI with its investment, The Information reported.
Yahoo
05-03-2025
- Business
- Yahoo
Germany's Greens withhold backing for debt brake reforms for now
BERLIN (Reuters) - Germany's Greens will negotiate hard before potentially giving their much-needed backing to debt reforms proposed by the conservatives and Social Democrats, parliamentary co-leader Katharina Droege said on Wednesday. The conservatives and SPD, who are in talks to form a government after an election last month, need the Greens to reach the two-thirds majority needed in parliament to pass their plans to reform the debt brake and create a 500 billion euro fund for infrastructure. "Whether we will ultimately approve these constitutional amendments remains open," Droege told reporters. "We have a number of questions, and you know that we also have our own stance on what is necessary now."
Reuters
05-03-2025
- Politics
- Reuters
Germany's Greens withhold backing for debt brake reforms for now
BERLIN, March 5 (Reuters) - Germany's Greens will negotiate hard before potentially giving their much-needed backing to debt reforms proposed by the conservatives and Social Democrats, parliamentary co-leader Katharina Droege said on Wednesday. The conservatives and SPD, who are in talks to form a government after an election last month, need the Greens to reach the two-thirds majority needed in parliament to pass their plans to reform the debt brake and create a 500 billion euro fund for infrastructure. "Whether we will ultimately approve these constitutional amendments remains open," Droege told reporters. "We have a number of questions, and you know that we also have our own stance on what is necessary now."
