"The National Development and Reform Commission (NDRC) has made a decision to prohibit foreign investment in the Manus project in accordance with laws and regulations, and has required the parties involved to withdraw the acquisition transaction."
"Around 100 Manus employees have already moved into Meta's Singapore offices as of March, with founders taking on executive roles. CEO Xiao Hong now reports directly to Meta COO Javier Olivan."
"The transaction complied fully with applicable law. We anticipate an appropriate resolution to the inquiry, a spokesperson at Meta told TechCrunch."
China's National Development and Reform Commission has prohibited Meta's acquisition of Manus, an AI startup founded by Chinese engineers. This decision represents a major intervention in cross-border deals, particularly in the AI sector. Meta's plans to integrate Manus' technology into its AI initiatives are now jeopardized. Manus employees have already transitioned to Meta's Singapore offices, and the company's founders face exit bans in China. Meta maintains that the transaction complied with applicable laws and expects a resolution to the situation.
Read at TechCrunch
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