Manus Co-Founders Seek $1 Billion to Buy Back AI Startup From Meta After Beijing Orders Unwind
Summary
Manus co-founders are racing to raise $1 billion to buy back their AI startup from Meta Platforms after Beijing ordered the $2 billion acquisition unwound, with plans to restructure the company as a Chinese joint venture and pursue a Hong Kong IPO.
Key Points
- Manus co-founders are exploring a roughly $1 billion fundraise from external investors to buy back the Chinese-founded AI company from Meta Platforms, following Beijing's demand to unwind the acquisition.
- The three founders — Xiao Hong, Ji Yichao, and Zhang Tao — are in talks for a funding round at a valuation matching at least the $2 billion Meta paid, and may contribute their own money to cover the remaining cost.
- If the buyback proceeds, Manus would be restructured as a Chinese joint venture with new backers, with plans for a subsequent initial public offering in Hong Kong.