Tusimple, Aurora, and Embark have taken nose-dives this past week. How do Waymo and Cruise employees feel considering they've been given stock at crazy high 30 B > valuations? #tech #cruise #waymo #aurora #tusimple #embark
Can you please elaborate?
They are already millionaires, just poorer millionaires
Waymo and Cruise have giant companies behind them to give a comfortable buffer, honestly don't think they give a shit about the current market
thanks, I didn't realize waymo employees got stock at a lower val. than the 30 B
Yea, although common shares come with more risks than preferred shares incase the company goes bust
This is precisely why Mary Barra fired the Cruise CEO for wanting to IPO. The public markets don't know how to value long term bets, just look at how many professional money managers think Tesla is the leader in the AV space. The companies you mentioned all went public purely to make the founders, investors, and early employees rich in an economy that was overflowing with liquidity. They aren't serious long term players in the space.
Eh, not sure if I agree with that entirely (the Cruise CEO exit reasoning).. Seemed like a vision misalignment/power tussle more then anything. Elon expertly conned the world into thinking Tesla was the leader in AV.
Fair enough, that was probably a huge factor too, but I think he pushed them too far down the IPO path to save face as CEO if he backtracked. Even though Cruise and Waymo are in a different league than the companies OP named, it was totally predictable that the public markets would slaughter pre-revenue companies in a high inflation and rising rates economy. Even presently profitable companies like Block and Snap are getting killed. It's totally risk off right now. Probably won't be a good time for any pre-profit company to IPO until rates stabilize and everything is back to normal, at the earliest.
Looks like I spoke too early, the stocks have shed another 20-30% of value this week
They feel bad.