Investors Rebel As TuSimple Pivots To Gaming, AI
TuSimple is now attempting to relocate its assets to China to support a new venture focused on AI-generated animation and video games.
This shift has sparked confusion and dissatisfaction among several shareholders and poses the risk of drawing the company back into legal issues, just weeks after reaching a preliminary settlement in a class action lawsuit.
Currently, a dispute is emerging over approximately $450 million in funds, with the majority still in the United States. Central to the conflict are disagreements over the company's new direction.
Before TuSimple officially announced its new business focus in August, some shareholders, having heard about the shift, sent a letter to the board of directors.
The letter, obtained by TechCrunch, raises concerns about “potentially fraudulent activities” and requests an investigation into whether funds are being misused to support private ventures initiated by Mo Chen, TuSimple’s co-founder and chairman.
The shareholders also criticized the company for not disclosing its move into AI animation earlier; the board later publicly announced the new focus on AI animation and gaming.