Good morning, Broadsheet readers! Reese’s Book Club dominates the literary world, five states will have abortion rights on November ballot, GM pulls back $10 billion investment in self-driving business Cruise after horrific safety incident Trying to. Have a fulfilling Monday!
– safety first. As General Motors plows $10 billion into self-driving startup Cruise, GM CEO Mary Barra hopes the investment will help the company lead the EV race. GM has been making EVs since the 1990s, but has been surpassed by Tesla, and GM’s strategy remains to be 100% electric by 2035. Barra is such a believer in the technology that he posted an exciting video on his LinkedIn two years ago of his first ride in a Cruise car. “I can’t stop smiling,” she said at the time.
But a serious safety incident last year put everything in jeopardy. In October 2023, a self-driving robotaxi hit a woman in San Francisco, running her over and dragging her six feet. The car mistakenly judged the accident as a “side collision” and tried to pull over without realizing it was dragging a person.
The non-fatal accident has triggered a wave of reassessment and restructuring at GM and Cruise, my colleague Jessica Matthews reports in a new article. luck investigation. For GM, the incident turned one of Barra’s most promising investments (GM owns 80% of Cruise) from a “crown jewel” to a “liability,” Jessica wrote.
The uproar comes as Barra was simultaneously managing last year’s UAW strike against the Big Three automakers. GM replaced most of Cruise’s management and ultimately settled with the women for between $8 million and $12 million. And, as Jessica writes, this case shows that a large Fortune 500 company like GM is trying to build a startup self-driving business, compared to a typical startup trying to save itself after a disaster. He showed the power to save. When one analyst said the incident was “not typical of GM,” Barra responded, “I agree.”
Read Jessica’s full research here.
emma hinchliffe
emma.hinchliffe@fortune.com
The broadsheet is luck’A newsletter for and about the world’s most powerful women. Today’s issue was edited by Joseph Abrams. Subscribe here.
Also featured in the headline
– Number five. Five states will now put abortion rights on their November ballots. South Dakota and Colorado are the latest states to approve ballot measures asking voters whether to enshrine the right to abortion in their state constitutions. NBC News
– Read with Reese. How did Reese Witherspoon’s Book Club take the literary world by storm? Print sales of books selected by Reese Witherspoon will reach a total of 2.3 million copies in 2023, compared to Oprah’s Book Club and Jenna -Toped both Bush Hager’s “Read With Jenna.” new york times
– Hot Seat Chair. Tesla Chairman Robin Denholm says none of that is part of his job. Babysitter CEO Elon Musk And she hit back at accusations that the exorbitant wealth she amassed through Tesla hinders her oversight of the company. She is working to rally shareholder support for CEO Elon Musk’s $56 billion pay package and reincorporate Tesla in Texas ahead of next month’s annual meeting. There is. financial times
– Blame your wife. Supreme Court Justice Samuel Alito and Sen. Bob Menendez (D-N.J.) both criticized their wives for getting them into hot water. Mr. Alito put up a “Stop the Steal” symbol on his home and Mr. Menendez sued on bribery charges. This is an age-old political strategy that raises issues of sexism and stereotypes. new york times
– Custody dispute. Japan’s parliament has passed an amendment that would allow joint custody of children after divorce, rather than sole custody. But the changes have drawn criticism from women’s rights activists who say they could put victims of domestic violence at risk. nikkei asia
– #MeToo boom. A French short film spotlighting the testimonies of thousands of sexual assault victims is reinvigorating the country’s MeToo movement after its debut at the Cannes Film Festival. Me tooor me toowas produced by French actress Judith Godreche, one of the first women to accuse Hollywood’s notorious producer Harvey Weinstein. bloomberg
Mover and shaker: Dior CEO Delphine Arnaud, Favorite Candidate He will take on a broader role across LVMH’s fashion portfolio, following in the footsteps of his father Bernard Arnault. after a sudden departure The story of executive Michael Burke.
on my radar
Cardi B TikTok sends Korean spicy instant noodle maker’s stock up 30% luck
Why are there no women among the world’s 50 highest-paid athletes? forbes
From denial to confession: How surveillance tapes held Sean ‘Diddy’ Combs accountable CNN
parting words
“I’ve been really self-centered for 35 years. I could use a little break, to be honest.”
—Cookbook author Molly Buzz talks parenting
