GM Buys SoftBank’s $2.1 Billion Stake in Cruise
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General Motors Co. bought out the SoftBank Vision Fund 1’s stake in self-driving startup Cruise for $2.1 billion, ending the Japanese investment firm’s stake in the business and giving the Detroit automaker 80% ownership.
GM also said March 18 it will invest another $1.35 billion in Cruise.
SoftBank pledged to invest $2.25 billion in Cruise in 2018, giving the business $900 million up front and another $1.35 billion once the business deploys vehicles in a ride-sharing business, something it has yet to do.
