Meta Platforms to invest $29 billion in Scale AI company

Meta Platforms announced that it will invest $29 billion in technology company Scale AI with the aim of further driving the artificial intelligence (A.I.) industry.

In addition, as part of this operation, Scale AI's founder, Alexandr Wang, will join the Meta Platforms structure to improve the tech's positioning in this particular sector.

"A.I. is one of the most revolutionary technologies of our time, with unlimited possibility and far-reaching influence on how people, businesses and governments succeed. Scale bridges the gap between human values and technology to help our customers realize A.I.’s full potential. Meta’s investment recognizes Scale’s accomplishments to date and reaffirms that our path forward – like that of A.I. – is limitless," Wang said via a statement.

Another new development resulting from the deal is that the person who served as Scale AI's chief strategy officer, Jason Droge, will now serve as the company's interim CEO.

"Meta’s new investment and our broadened commercial agreement is a testament to the incredible work and dedication of the entire Scale team, and the tremendous upside that lies ahead for Scale. We have built the strongest foundation to tackle A.I.’s data challenges and push the boundaries of what’s possible," said Droge.

This investment marks the latest step by Meta Platforms to try to be the leader in a rapidly evolving and increasingly competitive industry.