Meta Platforms (META) reportedly offered a pay package worth more than $200 million to poach Ruoming Pang, Apple’s (AAPL) top executive in charge of artificial intelligence models, as the Facebook parent builds up its new “Superintelligence” AI division.1
According to Bloomberg, citing people with knowledge of the matter, “Apple didn’t try to match the offer, as it far exceeds pay at the company for leaders other than Chief Executive Officer Tim Cook.”
The report said that the pay package offered to Pang is in line with others offered by the Instagram parent to major hires for the team, which is aiming to build artificial general intelligence (AGI). But most of these packages are tied to performance and years in service, so they won’t be fully received if the employee leaves early or the company’s stock underperforms.
Meta and Apple didn’t immediately respond to requests for comment.
Meta shares are little changed in early trading Thursday but are up by almost a quarter this year. Shares in Apple, which has struggled to catch up on the AI front, are also steady Thursday, but have lost more than 15% of their value this year.
Source: https://www.investopedia.com/
