Cruise Company Halts Employee Share Program to Conduct Business Review

General Motors’ Cruise has recently suspended its internal program that allows employees to cash out shares in the driverless-car company. This decision was announced in an email from Chief Executive Kyle Vogt to Cruise employees on Thursday, citing the need to revalue the business following a pedestrian accident that led to the halt of robotaxi services last month.

The autonomous-driving startup, which is majority owned by GM, informed employees that the regular quarterly offer to sell shares would be canceled as they re-evaluate the program. The decision to suspend the program reflects the company’s focus on re-evaluating the business and reassessing the value of shares in light of recent events.

As General Motors’ Cruise works to address the aftermath of the pedestrian accident and revaluate its business, this move comes as a response to the impact it has had on Cruise’s operations. The suspension of share cash-out program reflects Cruise’s commitment to addressing these challenges while maintaining long-term success as an autonomous driving startup.

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