Clearview AI's financial statements or official public announcements

Clearview AI Settles Privacy Lawsuit with 23% Stake Worth $52M

Jun 14, 2024, 12:06 PM

Clearview AI, a facial recognition company, has agreed to settle a class action lawsuit alleging it violated the privacy rights of millions of Americans. The settlement is unique as it involves giving a 23% stake in the company, valued at approximately $52 million, to Americans whose faces are in its database. The company, which scraped more than 30 billion photos from social media, cannot afford to pay the settlement in cash. Lawyers for the plaintiffs estimate the settlement to be worth at least $50 million, including about $20 million in anticipated attorney fees. The settlement is based on a theoretical stake in the company's future value.