Cruise Suspends Employee Share Program, Citing Need to Revalue Business

https://www.wsj.com/business/autos/cruise-suspends-employee-share-program-citing-need-to-revalue-the-business-b90e7a3f

by ra7 • 3 years ago

8 4 3 years ago

janosett2• 3 years ago

In addition to not getting paid, the employees are left with a tax burden for the RSUs they are now unable to sell since the cancellation happened abruptly in the window between vesting and the liquidity event.

CoastalCoder• 3 years ago

Are you saying that Cruise is going to miss payroll?

Or are you just saying that's one possible double-whammy that could occur?

janosett2• 3 years ago

No, to clarify the salary is being paid but the stock liquidity program ended. However, single trigger RSUs mean tax may still be owed on those RSUs at the market value when they were issued.

So some people owe tax on eg $100k in extra “income” for shares they can’t sell anymore.

nyxtom• 3 years ago

Cruise is done, stay far away from this company as possible. All remaining staff at the moment waiting either for layoffs or start interviewing

Cruise Suspends Employee Share Program, Citing Need to Revalue Business

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