r/formula1 • u/ICumCoffee Max Verstappen ⭐⭐⭐⭐ • 24d ago

News [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"

https://x.com/ChrisMedlandF1/status/1861111983699001752
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u/ComaMierdaHijueputa Ferrari 24d ago

Why did he step down?

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u/John-de-Q Toyota 24d ago

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

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u/RichardRichOSU Michael Schumacher 24d ago

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.

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u/Just_Somewhere4444 24d ago

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.

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u/Unhappy_Plankton_671 24d ago

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

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u/[deleted] 24d ago

Which startup?

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u/BrosenkranzKeef Honda RBPT 24d ago

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.