Announcement: io.net Founder Steps Down as CEO
Ahmad Shadid, the founder of the decentralized physical infrastructure network (DePIN) protocol io.net, has announced his immediate resignation as CEO to allow the company to progress without hindrance.
COO Transition: Tory Green Takes the Helm
“Today I am stepping down as the CEO of io.net, effective immediately,” Shadid announced on June 9.
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The current Chief Operating Officer, Tory Green, will step up as the new CEO, ensuring that the company’s growth and accomplishments remain the focus without distractions.
$IO Nation, Today I am stepping down as the CEO of io.net, effective immediately. io.net has grown to be one of the fastest growing decentralized AI companies in the world. After careful consideration, I have decided that it is in the best…
- SHADID | $IO (@shadid_io) June 9, 2024
Shadid’s commitment extends to donating one million of io.net’s upcoming tokens to support the Internet of GPUs Foundation and bolster the ecosystem.
Tory Green expressed gratitude for Shadid’s leadership, emphasizing io.net’s rapid evolution under his guidance. The company is determined to pursue Shadid’s vision of becoming a global AI powerhouse, making AI accessible worldwide.
I am honored to step into the role of CEO for io.net, effective immediately.
Under @shadid_io’s leadership, io.net has grown into one of the fastest growing AI companies in the world.
Going forward, we will continue to execute on the vision…
- tory.io (@MTorygreen) June 9, 2024
Green highlighted the achievements of io.net, boasting a network with 20,000 cluster-ready GPUs serving leading AI companies such as WonderAI, Krea, and Leonardo with state-of-the-art AI services.
He also reassured stakeholders that the leadership transition has been seamless under his supervision and pledged to provide further details on the restructuring soon.
IO Token Launch and Fears
The upcoming launch of the io.net token, IO, on Binance’s Launchpool on June 11 is eagerly anticipated. With an initial release of 95,000,000 tokens and a capped total supply of 800,000,000 tokens, the unveiling promises exciting possibilities.
However, concerns have emerged following Shadid’s resignation, with fears of a potential dump and disappearance post-launch. Users have expressed worries about the founder’s intentions.
Addressing these apprehensions, Shadid clarified that his tokens are subject to a four-year lock-up period, preventing any immediate sell-off. Investors, advisors, and team members are restricted from selling their allocated tokens until June 2025.
