May 22ndCrashbandicoot3Jia Yueting, founder of Faraday Future ("FF"), said in a personal Weibo video that FF will return to China one day.
As for the "cyber violence", Jia Yueting said he was really alive at first, but he didn't care much after a few years. Jia Yueting also said: "over the years, I think it is the self-purification of the pure people. There is no need to explain too much. Everyone is wise. With the passage of time, the truth will gradually let everyone understand, perhaps the current Internet era is really different. "
In addition, Jia Yueting also revealed that individuals have invested $700 million in FF, which has increased by more than $3 billion after subsequent rounds of financing. He said that FF does not need much capital investment, just need to cash flow to maintain normal operations, may only need competitors to burn a quarter of the money.
Jia Yueting wants to return to power
Jia Yueting said publicly on May 7 that he would consider joining FF Global CEO Matthias as co-CEO of the company. In addition, he also announced, "I have made a tangled decision that is not consistent with my personal pursuit. I will begin to make some money as soon as possible through my personal IP commercialization, partly to repay the debt, partly to save the company, to subsidize the construction of cars, to strive to support the basic operation of FF, and to give investors and shareholders confidence."
Later, however, FF issued a statement saying that Jia Yueting posted a company-related video on social media as an individual rather than a company executive. The statement in the video was not approved by the company, and any such statement should not be considered to be the work of the company. In addition, although the company has learned that the video shows Jia Yueting considering the possibility of serving as joint CEO if appointed by the company's board of directors, and appreciates its services, the company's board of directors is not considering appointing him as joint CEO at present.
Share prices soar, but investors are still at a loss
FF shares continued to soar 74% on May 20.Crashbandicoot3.76%. From Faraday's all-time low of $0.038 a share on May 3 to a high of $3.90 last week, Faraday has risen more than a hundredfold in more than two weeks. On may 21st, however, FF shares tumbled 22.78% to $1.39.
According to public information, Faraday Future was established by Jia Yueting and others in California in May 2014. Faraday will be listed on NASDAQ in July 2021, with an offering price of more than $10 and a total market capitalization of more than $4.5 billion. As of May 6, U.S. stocks closed, Faraday Future at $0.041, the market value has shrunk to $1.75 million (about 12.63 million yuan). This means that just three years later, FF has lost more than 99 per cent of its market value.
According to Faraday Future official data, Faraday will deliver only 10 FF91 2.0 Futurist Alliance in 2023, including one owned by Jia Yueting. According to official disclosure, among the 10 car owners are well-known American real estate developers and entertainment stars. On February 7, 2024, Faraday Future and Jia Yueting announced the delivery of a FF91 2.0 Futurist Alliance to Hollywood star Morgan Freeman's company.
In mid-March, Faraday filed a recall plan with the US Highway Traffic Safety Administration to recall 11 FF91 2.0s made in 2023 because when the airbag control unit (ACU) detected a system failure, the software error may prevent the airbag failure warning light from coming on, and the driver will not be warned that ACU will lose the communication failure if the airbag pops up correctly during the collision. It may increase the risk of injury to the occupants. In view of the above defects, Faraday will upgrade the iHUB module software update through OTA in the future.
Daily Economic News Comprehensive @ Jia Yueting, 21st Century Economic report (author: White Poplar), Public Information