SPAC King Chamath Palihapitiya weighed in on the ongoing United Auto Workers’ union strike that has crippled operations at the plants of Detroit’s Big Three, namely Ford Motor Co. (NYSE:F), General Motors Corp. (NYSE:GM) and Stellantis N.V. (NYSE:STLA).
What Happened: “The unions have decided to cut their nose off to spite their face,” Palihapitiya said in a post on X on Friday.
If the labor deal happens, it will “destroy the legacy OEM automakers,” he said. The options before the automakers would be to automate and replace unionized people with robots or to de-unionize, he said, adding “[neither] are possible.”
If the plan ...