AI acquisition

Workday shares jumped 7% after Elliott Investment Management disclosed a $2 billion stake. This follows Workday’s unveiling of a plan to optimize operations and capital allocation, which Elliott believes will create long-term value. Workday acknowledged Elliott’s support, reaffirming its focus on executing its strategy. Elliott’s investment highlights Workday’s growth and competitive position amid increasing competition and macroeconomic uncertainties. Workday’s recent acquisition of AI recruitment firm Paradox is expected to further enhance its HR technology capabilities.

Meta is acquiring a 49% non-voting stake in Scale AI for nearly $15 billion, marking a significant investment in the AI space. The deal will see Scale AI founder Alexander Wang, a former MIT dropout, join Meta. Scale AI provides crucial data annotation services for training AI models and counts major tech companies among its clients. The acquisition values Scale AI at approximately $29 billion.