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Cruise , the self-directed vehicle subsidiary of General Motors , told staff Thursday via email that the employee part - deal computer programme for the fourth quarter is suspend , following anincidentthat resulted in the robotaxi companylosing its permitsto operate in California . Cruise cited the need to reevaluate how to offer competitive compensation , harmonise to sources who spoke to TechCrunch on the condition of anonymity .
Cruise has confirmed the news program to TechCrunch .
The deprivation to employees is extremely pendant on when they started and what the gunstock price was at that clip . Some employees could be at a deprivation easy north of $ 100,000 . Sources we spoke to bespeak they would be losing upward of 10 of thousands of dollar .
embodied bonuses were also move up two months , from March to January . Some sources suggest senior leading adjusted the corporate fillip agenda to assuage actor who have described low team spirit throughout its ranks .
To that point , Cruise issued a surprise company vacation for tomorrow to ostensibly hike morale among employees who have expressed disappointment in the programme . Sources also speculate that the holiday is a chance for executive director to design layoffs or operational alteration .
The employee percentage political platform involves GM buying back vested equity on a quarterly base to facilitate recurring runniness . The share were historically bought based on evaluation , but Cruise ’s valuation has changed since anOctober 2 incidentthat left a footer get under and dragged by a Cruise robotaxi . Canceling the curriculum , source say , makes the share wretched .
Cruise employee still hold shares in the troupe , but since these are not publicly traded they can only be sold if GM schedules a liquidity event , which has traditionally occurred every quarter . A third party evaluates and set a evaluation for the ploughshare before there is a tender offer .
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After miss itspermits in California , pausing all operations ( driverlessandmanual ) across the land , and pausingproduction on the design - establish Origin robotaxi , layoffs are at hand . Cruise already started last week withcontract worker .
Cruise has lost more than $ 8 billion since 2017 , let in $ 728 million in the third stern of 2023 , according to GM financial records . Cruise exit the third poop with $ 1.7 billion in Johnny Cash , which should give it nine month of runway .
