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Fermi CEO and CFO abruptly depart; AI nuclear startup stock plunges 22%

2026-04-20 07:07

AI-focused nuclear power developer Fermi (NASDAQ: FRMI) lost both its CEO, co-founder Toby Neugebauer (effective April 17), and CFO Miles Everson (effective April 19) in rapid succession, with no public explanation beyond a board announcement of a new strategic plan called "Fermi 2.0". Shares fell as much as 31% in after-hours trading and settled down 22% on Monday. The board appointed co-presidents to handle day-to-day operations while a formal CEO search begins.

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