MiniMax CEO forgoes salary until AGI achieved, seeks $2B amid 80% stock plunge
Yan Junjie, the 36-year-old founder and CEO of MiniMax, a Chinese AI company, has declared that he will not take a salary until the firm reaches artificial general intelligence (AGI). In his dual role as board chairman and CTO, he revealed plans to share his wealth by transferring shares worth 4% of the total equity to reward dedicated team members, alongside directing an additional 1% to support open-source developer communities. This announcement coincides with MiniMax's efforts to raise US$2 billion for advancing frontier technologies, following an 80% decline in stock value from its peak. After a six-month post-IPO lock-up period ended, the stock dropped nearly 18% on Thursday and 12% on Friday. Yan emphasized his full commitment to this mission amid market fluctuations and external challenges, noting that AGI represents AI capable of matching or surpassing human intelligence across all domains.
Key facts
- Yan Junjie will forgo salary until AGI is achieved
- MiniMax seeks US$2 billion in capital raising
- Stock plunged 80% from peak
- Yan will transfer 4% of total equity to reward long-term team members
- Yan will allocate 1% of shares to open-source developer fund
- Stock fell 18% on Thursday and 12% on Friday
- Six-month post-IPO lock-up period expired
- Company is based in Shanghai
Entities
Institutions
- MiniMax
Locations
- Shanghai
- China