$95 billion share sales plan from Meta

Meta Platforms Inc. aims to raise up to $95 billion from the sale of common and preferred stock, drawing investor support in the race to take the lead in the development of artificial intelligence.

The company offers approximately $35 billion worth of common and preferred stock, according to a company statement.

Meta will also raise up to approximately $60 billion through its mark-to-market stock sale program, which allows companies to sell shares on the open market from time to time. The ATM program will consist of scheduled non-voting Class C shares.

Meta CEO Mark Zuckerberg has completely revamped the company's AI operation in an aggressive hiring drive, launching new products and committing hundreds of billions of dollars to building the infrastructure needed to support the models.

The company introduced a personal AI agent known as Muse and an AI model called Muse Wonder, which the board says is on par with OpenAI's ChatGPT and Anthropic PBC's Claude at tasks like coding.