"effective immediately" means either... he doesn't have a contract with a notice period, or he does and is willing to forfeit any benefit from it like share options, etc.
One reason might be the share price has collapsed and he has no confidence in it coming back (pretty scandalous if he's the CEO!), or Meta has offered him inducements > what he's walking away from.
Good way to burn a lot of bridges. He's never going to be hired as CEO by anybody for the rest of his career.
CEOs manage to fail upwards their entire career, I don't suspect this will be any different. Just some "nerds on a forum" who got annoyed with his personal decisions.
100% this. The CEO at my last company squandered hundreds of millions of investor funds, and now he's the CEO at another company taking on hundreds of millions in debt.
Another example: current CEO of Cerebras, is an SEC felon from a prior company (for cooking the books), and now he's CEO of a public company.
lemonade stands are staffed by 11 year olds and there can be one on every corner.
these stands do better than cerebras, which is an 11 year old deeply unprofitable company building a technology that no other company has bothered to try to even get close to replicating.
Cerebras got lucky with the ban on NVIDIA chips due to "security reasons" in the middle east, securing a massive deal with the UAE's sovereign fund. Of course, the leaders made a nice donation to the Trump crypto fund and coincidentally the ban on NVIDIA was lifted. That presented a danger for Cerebras, but they also pivoted almost entirely to an inference as a service company, maximizing tokens/sec metrics on a variety of open weight models. Then they landed the contract with OpenAI which has bought them another lifeline, and helped paper over the trail of fraud that delayed the S1 and IPO for a few years. Fascinating story indeed!
The problem with the pivot is that with only 44GB of memory, you can't run models unless you nerf them or you scale the hardware out horizontally, which takes up a lot of space, power and even more cost.
This is why their API has dumb limits on it. I'd estimate their $/tok cost around $4-5000/mtok based on hardware alone, which is insane. Sure, it is fast, but if it is heavily quanted, expensive, and can't scale, you're going to be in a world of pain.
everfrustrated · · focus · HN ↗
One reason might be the share price has collapsed and he has no confidence in it coming back (pretty scandalous if he's the CEO!), or Meta has offered him inducements > what he's walking away from.
Good way to burn a lot of bridges. He's never going to be hired as CEO by anybody for the rest of his career.
0x1ch · · focus · HN ↗
latchkey · · focus · HN ↗
Another example: current CEO of Cerebras, is an SEC felon from a prior company (for cooking the books), and now he's CEO of a public company.
urams · · focus · HN ↗
"failed up" is currently defined as founding a company that goes public and being its CEO. I'd love to know what success is.
latchkey · · focus · HN ↗
urams · · focus · HN ↗
latchkey · · focus · HN ↗
these stands do better than cerebras, which is an 11 year old deeply unprofitable company building a technology that no other company has bothered to try to even get close to replicating.
rajman187 · · focus · HN ↗
latchkey · · focus · HN ↗
This is why their API has dumb limits on it. I'd estimate their $/tok cost around $4-5000/mtok based on hardware alone, which is insane. Sure, it is fast, but if it is heavily quanted, expensive, and can't scale, you're going to be in a world of pain.