🚨 Microsoft will take an $800M hit over Cruise robotaxi shutdown GM's decision to shut down its Cruise robotaxi program has significant repercussions for its minority investors, notably Microsoft, which will incur an $800 million impairment charge. This charge will negatively impact Microsoft's second-quarter earnings by approximately $0.09 per share. GM, which owns about 90% of Cruise, plans to buy back shares from other investors to increase its stake. The company had previously raised substantial capital, including $2 billion in a 2021 funding round that valued Cruise at $30 billion, with contributions from Microsoft, Walmart, and Honda. GM will now integrate Cruise into its own efforts to develop driver assistance and autonomous vehicle technologies. Additionally, Honda has announced it will cease funding a joint venture with GM and Cruise for a robotaxi service in Japan. 💬 Source 📌 Powered by V3V Ventures