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Microsoft loses $800m over Cruise robotaxi shutdown
Microsoft incurred an US$800 million loss due to its investment in Cruise, an autonomous vehicle company owned by General Motors (GM).
This loss follows GM’s decision to discontinue Cruise’s robotaxi program.
The impact of this decision will lower Microsoft’s second-quarter earnings per share by about US$0.09.
GM, which controls nearly 90% of Cruise, plans to increase its shareholding to more than 97% by acquiring stock from minority investors.
GM acquired Cruise in 2016 for US$1 billion and invested over US$10 billion since.
Recent GM developments
| Timeline |
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25-Jun-2021 💰 Gmail founder, ex-Morgan Stanley, Citibank execs join Malaysian fintech firm’s $7m round
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10-Jun-2015 💰 GMO raises $65M from Japanese megabank to strengthen online payments, help startups
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26-Feb-2015 🇲🇲 Gmail comes to Myanmar with support for Burmese language
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31-Dec-2014 📧 Gmail now partially accessible in China, but it’s still seriously screwed up
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| 01-Oct-2014 🌐 GMO buys Finland’s Ubisecure for $12.3M to lay groundwork for Internet of Everything |
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