China Orders Meta to Unwind $2 Billion Manus Deal
China has ordered Meta to unwind its roughly $2 billion acquisition of Manus, a Singapore-based AI startup with Chinese founders, blocking the deal on national security grounds after regulators reviewed whether it violated Beijing’s investment rules. The move marks a step unlike anything Beijing has tried before.
A person familiar with the matter said the companies were told to completely reverse the transaction, including returning funds, re-registering Manus’s ownership and halting Meta’s use of the Manus algorithm. Failure to fully undo the acquisition could bring penalties on Meta, limits on its China-related business and possible criminal charges for individuals involved, the person said.
From the sources (13 posts)
@zerohedgeChina Abruptly Blocks Meta's $2 Billion Takeover Deal Of Manus AI
@exec_sumBREAKING: China blocks Meta’s $2.5B acquisition of AI startup Manus on national security grounds, ordering the deal to be unwound
@stevehouWe’ve come a long way since this. Just to jog our memory, Meta (Facebook) once had big ambitions in China.
@dalperovitchRT @FT: Breaking news: China has blocked Meta’s $2bn acquisition of artificial intelligence platform Manus, after regulators reviewed wheth…
@pitdesiThis is wild Manus had relocated operations and staff & incorporated in Singapore prior to the acquisition, was “Chinese”because it was founded by Chinese citizens Unwind will be complicated: Manus teams had already moved in, presumab
@niubi"A person familiar with the matter said Beijing had told the two companies that the deal must be unwound completely, including returning funds, re-registering the company’s ownership and halting Meta’s use of the Manus algorithm. The perso
@kimmaicutlerRT @ChrisRMcGuire: After China's cancellation of Meta's purchase of Manus, why would any founder start an AI company in China if they had a…
@alexrkonraddamn no respect for the international law of 'no backsies' these days
@katie_roofRT @FT: Breaking news: China has blocked Meta’s $2bn acquisition of artificial intelligence platform Manus, after regulators reviewed wheth…
@teortaxestexThis is a somewhat comical situation because the value of Manus is negligible both for the Chinese and Western ecosystems, Americans are overrating the cost of this signal, and the Chinese might be honestly overrating Manus due to "Applicat
@businessChina’s decision to press Meta to unwind a $2 billion acquisition of AI startup Manus marks a step unlike anything it’s tried before.
@e_durneikaRT @FT: Breaking news: China has blocked Meta’s $2bn acquisition of artificial intelligence platform Manus, after regulators reviewed wheth…
@unusual_whalesChina has ordered the unwinding of Meta’s, $META, deal with Manus, a Singapore-based A.I. company with Chinese founders, per NYT