Faraday Future : Chinese Court Seizes Assets of LeEco Founder

[reddy]

"LeEco Holdings founder Jia Yueting, whose company’s businesses include online video, electric cars and smartphones, was a rising star in China’s tech industry who aimed to take on Apple, Tesla and Netflix. He also invested in U.S. electric-car startup Faraday Future. But the company has been mired in credit woes and a cash crunch since the fall of 2016."

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Chinese Court Seizes Assets of LeEco Founder

 

[Tam]

He was doing fine until he kept expanding his business.

 

[RobStark]

Jia hired the best automotive professionals and they told him he needed $24B to fund his ambitions.

He laughed them off and thought he could do it for $3B-$4B.

He didn't want to start small like Tesla then grow he wanted to launch a Subaru sized company right away.

 

[RobStark]

LeEco founder defies China return order, stays in U.S. for car fundraising

"The fundraising for Faraday Future in the United States is making significant progress and there are many tasks I need to push forward in order to ensure the production and timely delivery of the FF91," he said, referring to a luxury EV that LeEco is developing with Faraday Future.

 

[BluestarE3]

LeEco founder defies China return order, stays in U.S. for car fundraising

"The fundraising for Faraday Future in the United States is making significant progress and there are many tasks I need to push forward in order to ensure the production and timely delivery of the FF91," he said, referring to a luxury EV that LeEco is developing with Faraday Future.

Which seems to belie the claim he made recently (when he took over the helm of FF) that he had successfully secured the funding from an unspecified source.