tech
China Blocks Meta's $2 Billion Takeover of AI Startup Manus
China said Monday it has decided to block Meta's $2 billion acquisition of Manus, a Singaporean AI startup with Chinese roots.
TL;DR
- China's National Development and Reform Commission has ordered Meta to withdraw its $2 billion acquisition of AI startup Manus.
- The decision was made in accordance with Chinese laws and regulations regarding foreign investment.
- The acquisition had attracted scrutiny from both China and the U.S. due to concerns over AI innovation and national security.
- Manus, founded in China and later relocated to Singapore, develops general purpose AI agents and had reached $100 million in annual recurring revenue.
- The intervention has raised concerns among Chinese tech founders and venture capitalists about the 'Singapore-washing' model.