Amid financial difficulties, Foxo Technologies, a $500 million AI startup that focuses on underwriting life insurance through artificial intelligence and genetic innovations, has discharged its general counsel, Michael Will. As a consequence of the firm’s current financial constraints and imperative personnel reductions, Michael Will’s employment was terminated only a year after the company went public. The Law.com report confirms that Mr. Will will continue to serve as a contractor for Foxo Technologies when required.
The firm’s troubles are highlighted by its recent financial report, revealing a cash balance of merely $215,000 as of 30th June, and speculations of an impending bankruptcy. Its stocks, which had a robust opening at $9.15 after the merger with a special purpose acquisition company, have now plummeted to a meagre 11 cents.
Michael Will, who had resigned his position at Thrivent Financial in 2019 to aid in launching this AI endeavor, made a candid admission on LinkedIn earlier this week. He indicated his current state of unemployment and his active search for a new professional opportunity.