Advertisement
Canada markets closed

  • S&P/TSX

    24,471.17
    +168.87 (+0.69%)
     

  • S&P 500

    5,815.03
    +34.98 (+0.61%)
     

  • DOW

    42,863.86
    +409.76 (+0.97%)
     

  • CAD/USD

    0.7270
    -0.0008 (-0.11%)
     

  • CRUDE OIL

    75.49
    -0.07 (-0.09%)
     

  • Bitcoin CAD

    86,378.25
    -402.66 (-0.46%)
     

  • XRP CAD

    0.73
    -0.01 (-1.90%)
     

  • GOLD FUTURES

    2,674.20
    -2.10 (-0.08%)
     

  • RUSSELL 2000

    2,234.41
    +45.99 (+2.10%)
     

  • 10-Yr Bond

    4.0730
    -0.0230 (-0.56%)
     

  • NASDAQ

    18,342.94
    +60.94 (+0.33%)
     

  • VOLATILITY

    20.46
    -0.47 (-2.25%)
     

  • FTSE

    8,253.65
    +15.92 (+0.19%)
     

  • NIKKEI 225

    39,605.80
    +224.90 (+0.57%)
     

  • CAD/EUR

    0.6645
    -0.0008 (-0.12%)
     

Stability AI appoints new CEO, the Information reports

Reuters
·1 min read
Illustration shows Stability.ai logo

(Reuters) -British artificial intelligence startup Stability AI has appointed Prem Akkaraju as its new chief executive officer, the Information reported on Friday, citing a person involved in the decision.

Akkaraju, former CEO of visual effects company Weta Digital, is part of a group of investors including former Facebook President Sean Parker that has stepped in to save Stability with a cash infusion, which could result in a lower valuation for the firm, the report said.

The new funding will likely shrink the stakes of some existing investors, who have collectively contributed more than $100 million, according to the report.

Stability AI declined to comment.

The company had said in May it was in talks with a group of investors for a large equity investment into the cash-strapped firm.

(Reporting by Juby Babu in Mexico City; Editing by Shilpi Majumdar)