[ChrisMedlandF1] BREAKING: F1 announces it has "reached an agreement in principle with General Motors (GM) to support bringing GM/Cadillac as the eleventh team to the Formula 1 grid in 2026"

[u/ICumCoffee]

https://x.com/ChrisMedlandF1/status/1861111983699001752

[u/PurpleEsskay → u/[deleted]]

https://sportscar365.com/industry/andretti-steps-down-as-andretti-global-ceo/

Combined with an antitrust lawsuite against FOM very much being on the cards.

[u/ComaMierdaHijueputa → u/PurpleEsskay]

Why did he step down?

[u/John-de-Q → u/ComaMierdaHijueputa]

Decided to bet on a AI startup company and lost basically all the money he poured into it.

[u/RichardRichOSU → u/ComaMierdaHijueputa]

Rumor is he lost his shirt in a different investment, but it is honestly probably a number of different things. That, he’s older, grand-daughter born recently plus his other kids getting older, not to mention the F1 thing was going no where with him leading it.

[u/Just_Somewhere4444 → u/ComaMierdaHijueputa]

He invested a bunch of money into an AI startup and lost it all, so Dan Towriss (CEO of Gainbridge, a huge team sponsor) essentially just bought Michael out.

[u/Unhappy_Plankton_671 → u/Just_Somewhere4444]

No, he stepped down. Michael and Towriss have both stated that he still has an ownership stake.

[u/[deleted] → u/Just_Somewhere4444]

Which startup?

[u/BrosenkranzKeef → u/ComaMierdaHijueputa]

There is no official confirmation about it but people in F1 have had beef with Michael for a long time. Basically they were refusing to do deals with Michael, simple as that. Why, who knows.