Do you get GM stock or is there some other arrangement? How's the comp in general?
Cruise FMFE23May 20, 2020
Paper money Cruise split off from GM stock after SoftBank investment reissued new class of shares as RSUs. Standard 4 year quarterly vesting with 1 yr cliff and double trigger for liquidation event and time vesting requirements. Levels FYI has some data but you can check out some blind posts for Comp data
Stripe vs. Facebook vs. Pinterest vs. Cruise (Tech Industry)"
https://us.teamblind.com/s/kopzQNjd
Uber GNU/UberOPMay 20, 2020
Thanks. What would a liquidity event for Cruise look if you're already owned? GM selling Cruise?
Cruise FMFE23May 20, 2020
GM is a majority shareholder rest is SoftBank 12% Honda 6% troweprice 4% and employees remainder. If we issued more shares which is likely GM would dilute its ownership with other strategic partnerships. Share price goes up each round hence the valuation went from $560M when GM acquired to $19B when t.rowe got in last round.
If we IPO the shares would be liquid like any traditional Unicorn (Uber, Lyft, Slack). It can also implode like WeWork though since we’re bleeding $1B a year and have no path to profitability in the short term 3-5 years. IPO timeline is anyone’s best guess but AV deployment timeline is whenever safety is achieved. Argo announced end of 2022. Most players have announced delays. Who knows the reality. Maybe Elon will make it 2020!
Paper money Cruise split off from GM stock after SoftBank investment reissued new class of shares as RSUs. Standard 4 year quarterly vesting with 1 yr cliff and double trigger for liquidation event and time vesting requirements. Levels FYI has some data but you can check out some blind posts for Comp data Stripe vs. Facebook vs. Pinterest vs. Cruise (Tech Industry)" https://us.teamblind.com/s/kopzQNjd
Thanks. What would a liquidity event for Cruise look if you're already owned? GM selling Cruise?
GM is a majority shareholder rest is SoftBank 12% Honda 6% troweprice 4% and employees remainder. If we issued more shares which is likely GM would dilute its ownership with other strategic partnerships. Share price goes up each round hence the valuation went from $560M when GM acquired to $19B when t.rowe got in last round. If we IPO the shares would be liquid like any traditional Unicorn (Uber, Lyft, Slack). It can also implode like WeWork though since we’re bleeding $1B a year and have no path to profitability in the short term 3-5 years. IPO timeline is anyone’s best guess but AV deployment timeline is whenever safety is achieved. Argo announced end of 2022. Most players have announced delays. Who knows the reality. Maybe Elon will make it 2020!