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0 0.000161168644126005 6.85824017556471E-05 0.000102873602633666 0.000342912008778625 0.000891571222824192 0.000548659214045762 0.000788697620190721
Stock impact report

Struggling AI power startup Fermi loses its CEO and CFO for ‘2.0' reset [Fortune]

Palantir Technologies Inc. - Class A (PLTR) 
Company Research Source: Fortune
Recommended Video Fermi, which is backed by former U.S. Energy Secretary Rick Perry, saw a massively successful IPO last year—before generating any revenue—that was quickly followed by a steep decline on the stock market as it lost its first planned hyperscaler customer and then saw its cofounder and CEO, Toby Neugebauer, reportedly engage in a public confrontation with U.S. Commerce Secretary Howard Lutnick. Fermi's market cap has fallen from nearly $20 billon in October down to $3.4 billion as of April 20, including a nearly 18% dip on the news of the leadership changes. Neugebauer, the son of retired Texas congressman Randy Neugebauer, will remain a board member and Fermi's largest shareholder, but he'll no longer have an executive position. Likewise, CFO Miles Everson has resigned but will sit on the board, the company said. Fermi chairman Marius Haas said a new “office of the CEO” will lead the company while the search firm Heidrick & Struggles helps identify a new CEO. Show less Read more
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