Ex Cruiser here, just received a letter stating that GM is withdrawing the offer to buy Cruise stock from current and former employees. That is 450k down the drain. The worst part is they already deducted tax on it. How do I claim a tax refund now. Does anyone at Cruise know what is going on. Any information provided to employees.
Holy shit, they can do that? We keep exploring new and innovative ways to screw people out of equity.
This is so sad 😭
Never hold on to a stock that you wouldn’t normally buy under normal circumstances. Good luck
Auto industry: mass layoffs. Tech industry: not great. Profits: all losses. Competitors: Tesla is full on doing neural nets and has all the training data it needs worldwide and isn't against licensing the software. The fact that GM was involved for so long is the only miracle here
Tesla cars aren’t comparable, they have to keep hardware costs super low and have some really critical compromises that hardcore AV companies would never allow. E.g blind spot from just having a B pillar camera can cause the car to creep into an intersection with some pretty common occlusions Marketing did a great job but they are still L2 right now. Still important to note that manufacturing 10s of thousands of cars, normal car styling.etc is not something hardcore AV companies need to deal with right now.
Lol my point is Tesla (while not doing well) can basically just make cruise redundant very easily
I suppose it might result in 450k of future losses you can offset. Don’t think you can get the tax refund back however
Yay 3k per year!
Not exactly. 3k in ordinary income, but if you realize a capital gain, that also counts
I just heard from someone who works there that they canceled the stock program. As a consequence the RSUs are now worthless
Isn’t that the same that this post is already saying?
Paused buyback for the next quarter. Don't over dramatic the fact
Yeah received the email myself. Sad, I sold most of my shares but still had a little bit left in optimism.
Thanks op, I’m down six figs from this but you make me feel lucky
Holyyyyy shit.
You should have sold everything. I sold everything the day I left cruise.
How did you sell? Isn't it Private?
I thought you can only sell once quarterly?