Meta Buys AI Startup Manus    12/30 10:11

   Meta is buying artificial intelligence startup Manus, as the owner of 
Facebook and Instagram continues an aggressive push to amp-up AI offerings 
across its platforms.

   DETROIT (AP) -- Meta is buying artificial intelligence startup Manus, as the 
owner of Facebook and Instagram continues an aggressive push to amp-up AI 
offerings across its platforms.

   The California tech giant declined to disclose financial details of the 
acquisition. But The Wall Street Journal reported that Meta closed the deal at 
more than $2 billion.

   Manus, a Singapore-based platform with some Chinese roots, launched its 
first "general-purpose" AI agent earlier this year. The platform offers paid 
subscriptions for customers to use this technology for research, coding and 
other tasks.

   "Manus is already serving the daily needs of millions of users and 
businesses worldwide," Meta said in a Monday announcement, adding that it plans 
to scale this service -- as Manus will "deliver general-purpose agents across 
our consumer and business products, including in Meta AI."

   Xiao Hong, CEO of Manus, added that joining Meta will allow the platform to 
"build on a stronger, more sustainable foundation without changing how Manus 
works or how decisions are made." Manus confirmed that it would continue to 
sell and operate subscriptions through its own app and website.

   The platform has grown rapidly over the past year. Earlier this month, Manus 
announced that it had crossed the $100 million mark in annual recurring 
revenue, just eight months after launching.

   Some of Manus' initial financial backers reportedly included China's Tencent 
Holdings, ZhenFund and HSG. And the company that first launched the platform -- 
Butterfly Effect, which also operates under the Monica.Im name -- was founded 
in China before moving to Singapore.

   A Meta spokesperson confirmed on Tuesday that there would be "no continuing 
Chinese ownership interests in Manus AI" following its transaction, and that 
the platform would also discontinue its services and operations in China. Manus 
reiterated that it would continue to operate in Singapore, where most of its 
employees are based.

   Meta CEO Mark Zuckerberg has been pushing to revive its commercial AI 
efforts as the company faces tough competition from rivals such as Google and 
OpenAI, maker of ChatGPT. In June, the company made a $14.3 billion investment 
in AI data company Scale and recruited its CEO Alexandr Wang to help lead a 
team developing "superintelligence" at the tech giant.