Clearview AI, a facial recognition start-up that scraped more than 30 billion photos from social media, can’t afford to pay the settlement bill from its class-action lawsuit so is offering Americans a stake in its company instead.
The New York-based company was sued in a federal court in Chicago in litigation that has proven so costly that Clearview AI says it will go bankrupt before making it to trial.
The unusual settlement offers members of the lawsuit a collective 23 percent stake in Clearview AI; an amount that is currently valued at $52 million, per The New York Times.
Members of the class could be literally anyone in the United States who has posted a photo of themselves online so anyone who does submit a claim could be entitled to a cut of the proceeds from a public flotation or an acquisition.
Nothing more valuable than shares in a company in such a poor financial state that it can’t pay its own settlements.
It would close out all these claims and allow creditors to take over the data and sell it tho
Less ridiculous than a losing country offering a “peace deal” where the better off country gives them all the land they wished for and promise not to join Nato.