Cruise Suspends Employee Share Program, Citing Need to Revalue Business(wsj.com)
wsj.com
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
2 comments
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.
Are you saying that Cruise is going to miss payroll?
Or are you just saying that's one possible double-whammy that could occur?
Or are you just saying that's one possible double-whammy that could occur?
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.
So some people owe tax on eg $100k in extra “income” for shares they can’t sell anymore.
Cruise is done, stay far away from this company as possible. All remaining staff at the moment waiting either for layoffs or start interviewing