MTO Corporate Team Represents Sean Parker and Prem Akkaraju in Transformative Stability AI Investment
Munger, Tolles & Olson’s corporate group represented Sean Parker and Prem Akkaraju in a transaction that will result in new leadership and control of Stability AI, an international generative AI company. Stability AI produces leading AI models for the creation of image, language, code and audio content, offering consumer and enterprise AI solutions.
Mr. Akkaraju will become Chief Executive Officer of Stability AI and join its board of directors. Mr. Akkaraju is the former CEO of Weta Digital, an Academy Award winning film production and visual effects studio.
Mr. Parker will join the board of Stability AI and assume the role of Chairman. Mr. Parker is an entrepreneur, philanthropist and the former President of Facebook.
This infusion of new financial resources and leadership will accelerate Stability AI’s growth and facilitate its continued focus on developing best-in-class generative AI products.
The transaction underscores MTO’s expertise in advising influential individuals with respect to complex and high-stakes corporate maneuvers. The MTO team was led by attorneys Zach Briers and Nate Sussman.
The deal garnered significant media coverage in The Wall Street Journal, Reuters and The Information.
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