2018; globalfoundries closes their 7nm development due to increasing cost in production and inability to produce volume needed by AMD. Over 2000 employees at the malta location layed off
2019; global cruises in silent mode and picks up large technology nodes to produce, no longer leading and bleeding edge.
2020; pandemic hits, many employees sent to work from home. Tough sh-t for "essential staff" global gives 5 dollar meal vouchers for every employee that comes in (not enough to cover a meal at the cafe)
May 2020; global ends 5 dollar meal voucher for essential staff and starts to make employees come back to the office even though they can do 100% of their tasks from home.
Jan 2021; many of the employees deemed "essential" for coming into work during the height of the pandemic receive outstanding reviews from their managers for continuing to work under unprecedented times of uncertainty. For without these employees glibal foundries would not have had its most profitable year ever.
March 2021; global announces mysterious shift from google to microsoft 365. All emails from microsoft are marked as "expires in 3 years." (Critical)
In microsoft outlook there is no mention of the 2018 pivot in your email inbox. This is by design.
June 2021; performance raises given out to employees. Many are shocked that despite coming in to work every day during the pandemic they are given 2% or below as their raise similar to the year before when "money was short"
IBM publicly announces lawsuit against global for 2018 pivot damages
Global foundries removes all logos in preparation for their rebranding on July 19th 2021 right before they go public with their IPO. A clean slate, a dirty past.
TL;DR
Global knows it fu---d up. Any google search regarding globalfoundries will show how they lost their partnership with AMD, caused thousands of employees financial hardships, negative reviews and lawsuits. All things investors would avoid while looking at an IPO.
By rebranding themselves as "new name" a google search will show it as this shiny new company with tons of market cap saved from not giving out proper inflation raises to their employees and bad business practices.
They will try to make you forget it all ever happened.
Don't let them.