MiniMax CEO skips salary until AGI, raises $2b after 80% stock crash
Synopsis
MiniMax CEO Yan Junjie is waiving his salary until AGI is achieved and giving away 5% of the company's equity — a dramatic morale play as the stock craters 80% from its peak and the firm scrambles to raise US$2 billion.
Key Takeaways
MiniMax CEO Yan Junjie , 36 , has pledged to forgo his salary indefinitely until the company achieves artificial general intelligence (AGI) .
MiniMax is seeking to raise US$2 billion in fresh capital to fund its frontier AI development goals.
The company's stock fell nearly 18 per cent on Thursday and a further 12 per cent on Friday morning, 10 July 2026 , after a six-month post-IPO lock-up period expired.
Shares have now dropped 80 per cent from their post-IPO peak, wiping out a significant portion of market value.
Yan pledged to transfer personal shares equal to 4 per cent of total company equity to long-serving employees, and another 1 per cent to an open-source developer fund.
MiniMax founder and CEO Yan Junjie has pledged to forgo his salary indefinitely until the company achieves artificial general intelligence (AGI), as the Shanghai-based Chinese AI firm simultaneously launches a US$2 billion capital raise to sustain its frontier technology ambitions — moves announced days after its stock collapsed 80 per cent from its post-IPO peak.
The Pledge and What It Covers
In an internal memo sent to employees on Friday, 10 July 2026, the 36-year-old founder — who holds the combined roles of board chairman, CEO, and chief technology officer — wrote: "Effective today, and until the day we achieve AGI, I will no longer accept any salary from the company. I am committing all my time, energy and resources to this mission." The memo acknowledged "external noise" and market volatility but reaffirmed the company's long-term direction.
AGI is broadly defined as AI capable of matching or exceeding human cognitive abilities across all domains — a milestone no company has publicly claimed to have reached.
Equity Redistribution to Retain Talent
Beyond the salary waiver, Yan pledged to transfer personal shares equivalent to 4 per cent of MiniMax's total equity to reward team members who, in his words, "fight alongside the firm for the long haul." An additional 1 per cent of total company shares from his personal holdings will be allocated to a dedicated fund supporting open-source developer communities.
The equity moves are designed to shore up internal morale at a moment when the company's public market performance has rattled employees and investors alike.
Why It Matters: The Stock Collapse Context
MiniMax's shares fell nearly 18 per cent on Thursday and dropped a further 12 per cent on Friday morning, according to market data. The selling pressure was triggered by the expiry of a six-month post-IPO lock-up period earlier in the week, which unlocked large blocks of stock held by early investors. Cumulatively, the stock has now shed 80 per cent from its peak — a steep descent for one of China's most closely watched generative AI startups.
The $2 Billion Capital Raise
MiniMax is seeking to raise US$2 billion in fresh capital, reportedly to fund its push toward frontier AI development. The fundraise comes as the company faces the dual pressure of an eroding public market valuation and intensifying competition within China's rapidly consolidating AI sector, where rivals backed by Alibaba, Tencent, and ByteDance are scaling aggressively.
What's Next
Whether the US$2 billion raise closes — and at what valuation — will be the most immediate signal of institutional confidence in MiniMax's trajectory. The outcome of Yan's equity redistribution plan will also be watched closely as a retention signal in an industry where AI talent is fiercely contested. Investors will be monitoring whether the post-lock-up selling pressure stabilises or continues to weigh on the stock in coming sessions.
Point of View
If it closes, will test whether private institutional investors assign a meaningfully different valuation than the public market currently does — a gap that has become a recurring feature of China's AI funding landscape. Mainstream coverage focuses on the drama of the salary pledge; the more consequential story is whether MiniMax can close that capital round without surrendering control at a distressed valuation.
NationPress
10 Jul 2026
Frequently Asked Questions
Why did MiniMax CEO Yan Junjie give up his salary?
Yan Junjie pledged to forgo his salary until MiniMax achieves artificial general intelligence (AGI) , framing the decision as a full personal commitment to the company's long-term mission. The announcement came via an internal memo on 10 July 2026 , amid a sharp stock decline and broader market turbulence.
Why did MiniMax stock fall so sharply?
MiniMax 's stock dropped nearly 18 per cent on Thursday and a further 12 per cent on Friday morning after a six-month post-IPO lock-up period expired, allowing early investors to sell their shares. The cumulative decline from the stock's peak now stands at 80 per cent .
How much is MiniMax trying to raise and why?
MiniMax is seeking to raise US$2 billion in fresh capital, reportedly to fund its push toward frontier AI and AGI research. The raise is being pursued at a time when the company's public market valuation has been severely compressed by the post-lock-up sell-off.
What equity is Yan Junjie giving to employees and developers?
Yan pledged to transfer personal shares equivalent to 4 per cent of MiniMax 's total equity to employees who remain with the firm long-term, and an additional 1 per cent of total company shares from his own holdings to support an open-source developer community fund.
How does MiniMax compare to other Chinese AI firms?
MiniMax competes in a crowded Chinese generative AI market that includes ventures backed by Alibaba , Tencent , and ByteDance . Its post-IPO stock collapse and emergency capital raise highlight the intense pressure on independent AI startups to demonstrate a path to profitability while rivals scale with deep-pocketed corporate backing.
