notes that GM’s decision to purchase SoftBank’s stake reverses a diversification plan that former Cruise chief executive Dan Ammann had been pursuing and one which could have led to an initial public offering for the company. Ammann was fired in December and both GM boss Mary Barra and Cruise founder Kyle Vogt have opposed an initial public offering.
“Why not just go public? It’s a major distraction, especially right now,” Vogt said after the deal. “Cruise just launched a driverless ride hail service in SF, and we want 100% of our energy focused on scaling up and delighting our customers.” Other companies to own a stake in Cruise include Honda, Microsoft, Walmart, and T. Row Price Group. General Motors has set up a plan that allows Cruise employees to cash out their stakes in the company if they wish. Employees hold total equity in the company worth $4 billion and GM is expected to set aside $1 billion to $1.5 billion in 2022 for this employee fund.
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GM Buying SoftBank’s Cruise Stake, Pouring Additional $1.35 Billion Into Robocar CompanyGeneral Motors is tightening its control over autonomous vehicle unit Cruise with a plan to buy SoftBank Vision fund’s stake in the San Francisco-based tech company
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