11/18/2023 0 Comments Google chrome ad blocker problems![]() He is a member of multiple global organizations that study A.I.’s impact on healthcare, climate and other social areas, according to his LinkedIn profile. Hodes comes from a consulting and public policy background. Stable Diffusion’s popularity has drawn a lawsuit from Getty Images, which accused the startup of using millions of copyrighted images to train A.I. Both image generators were released in early 2021. Its flagship product, Stable Diffusion, is a leading competitor of OpenAI’s Dall-E. Stability AI said the suit is “without merit” and it will “aggressively defend our position,” a company spokesperson said in a statement to Observer. In the suit, Hodes also alleged Mostaque had embezzled company funds “to pay for the rent for his family’s lavish London apartment” and had a long history of “cheating investors” in past ventures. “The purchase of Hodes’s shares were plainly based on fraud, misrepresentations, and breaches of fiduciary duty.” ![]() Mostaque’s purchase of these shares “epitomizes corporate greed at its worst and simply shocks the conscience,” the lawsuit said. At that valuation, Hodes’s shares would have been worth more than half a billion dollars had he not sold them, according to the plaintiff’s calculation. More recently, the company has been seeking funding at a valuation of $4 billion. After raising $101 million in a seed round in August 2022, Stability AI was valued at $1 billion. Mostaque purchased Hodes’ entire 15 percent in Stability AI in two transactions in October 2021 and May 2022 for a total of $100, “having led Hodes to believe that the company he had helped build was essentially worthless,” according to a suit filed in a San Francisco federal court on July 13. Now, Hodes is suing his founding partner and Stability AI’s CEO Emad Mostaque and the company, alleging that Mostaque tricked him into thinking his stake in the company was worthless. ![]() Only three months later, Stability raised its seed round and was valued by private investors at a whopping $1 billion. ![]() image generator Stable Diffusion, cashed out his one million shares in the startup in May 2022 for just $100. Hodes, the cofounder of Stability AI, the company behind A.I. Omar Marques/SOPA Images/LightRocket via Getty ImagesĬyrus Hodes could have been a half-billionaire had he not listened to his business partner. Stability AI is reportedly seeking funding at a valuation of $4 billion. ![]()
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