08:40 AM EDT, 03/24/2025 (MT Newswires) -- (Updates with FuriosaAI's response in the fifth paragraph and the latest stock movement in the final paragraph.)

Meta Platforms' ( META ) proposed $800 million acquisition bid for FuriosaAI has been rejected by the South Korean company, multiple media outlets reported Monday, citing unnamed sources familiar with the matter.

Bloomberg reported that the technology giant had been in talks since the start of 2025 to take over FuriosaAI, citing an unnamed person with knowledge of the matter.

FuriosaAI informed staffers that the company will not proceed with acquisition talks with Meta, Yonhap News Agency reported, quoting unidentified sources.

The Seoul-based startup intends to raise capital before eventually applying for an initial public offering, the unnamed sources told Bloomberg, adding that the company is expected to close an extended Series C financing round in about a month.

FuriosaAI declined to comment when contacted by MT Newswires, while Meta did not respond to a request for comment.

Meta's stock was up 2.8% in recent premarket activity.