MiniMax CEO Forgoes Salary Until AGI Achieved, Pledges Shares

MiniMax’s founder and CEO has pledged to forgo his salary until the company achieves artificial general intelligence (AGI), as the Chinese AI firm launches a US$2 billion capital raising to fund its frontier technology goals after its stock plunged 80 per cent from its peak.

“Effective today, and until the day we achieve AGI, I will no longer accept any salary from the company,” wrote the 36-year-old founder, who also serves as board chairman and chief technology officer. “I am committing all my time, energy and resources to this mission.”

AGI refers to AI that can match or exceed human cognitive abilities in all fields.

To boost morale, Yan vowed to redistribute a portion of his personal wealth, pledging to transfer personal shares equivalent to 4 per cent of the company’s total equity to reward team members who “fight alongside the firm for the long haul”.

Yan also said he would allocate another 1 per cent of the company’s total shares from his holdings to establish a dedicated fund supporting open-source developer communities.

The gestures come at a critical juncture for the Shanghai-based firm. Its shares plunged nearly 18 per cent on Thursday and skidded another 12 per cent on Friday morning, hit by a wave of selling after a six-month post-initial public offering lock-up period expired earlier this week.