According to sources at The Information, Stability AI has appointed a new CEO, Prem Akkaraju, former CEO of Weta Digital, a visual effects company. Previously, Stability AI, the artificial intelligence company behind the Stable Diffusion model, announced the resignation of Emad Mostaque from the CEO position, followed by reports of financial troubles that led to negotiations for the sale of the business.
The arrival of Akkaraju may not come as a surprise, as he is among the investors in Stability AI, along with others like former Facebook President Sean Parker. His involvement is part of a larger agreement to infuse the company with fresh capital from existing shareholders.
As of now, Stability AI has not officially announced the appointment of a new CEO and has declined to comment on these developments.
Source: Reuters
TLDR: Stability AI appoints Prem Akkaraju as the new CEO, following the resignation of Emad Mostaque amidst reports of financial challenges and potential acquisition negotiations. Investors, including Akkaraju and Sean Parker, are injecting fresh capital into the company.
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