Wang Xing, founder and CEO of Chinese food delivery and on-demand services giant Meituan, has donated about $2.3 billion worth of his shares in the company to his philanthropic foundation, Bloomberg reported. His move comes as Hong Kong-listed Meituan, whose market capitalization is about $240 billion, has been grappling with an antitrust investigation by China’s market regulator since April....
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AI Startups Are Facing a Reckoning
A reckoning may be coming for once-hot artificial intelligence startups. Among the most vulnerable: consumer apps (think Character.AI) and “thin wrapper” startups like CopyAI that merely provide a nice user interface on top of a third-party model from model developers like OpenAI. We got a sense of the slowdown last week, when Natasha and I reported that Jasper, an early generative AI...
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