"Meta's acquisition of Manus, an AI platform, has been deemed invalid by China's National Development and Reform Commission, necessitating a reversal of the transaction despite its integration into Meta's ad platform."
"The ruling underscores China's efforts to exert more control over foreign investments, particularly in the rapidly evolving field of artificial intelligence, as both the U.S. and China compete for leadership in AI development."
"Meta stated that the Manus deal complied with all legal requirements and expressed hope for a favorable outcome, but the situation complicates its ability to detach Manus' tools from its systems."
China's National Development and Reform Commission ruled that Meta's acquisition of Manus is invalid, requiring a reversal. Meta integrated Manus' AI tools into its ad platform after acquiring the company for $2 billion in January. Manus, founded in China and now based in Singapore, falls under China's cybersecurity laws, which review foreign investments. The ruling reflects China's increased control over foreign investment in AI. Meta claims the deal met legal requirements and seeks a positive resolution, but faces challenges in unwinding Manus from its systems.
Read at www.socialmediatoday.com
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