[TechWeb] recently, Jia Yueting, founder of Faraday Future (Faraday Future, or FF), has successfully attracted public attention and gained a sense of existence by shelling high-tech cars as a “disgrace to the industry”, denouncing Xiaomi cars as copycat “plagiarism”, and having “mouth-to-mouth” with Zhou Hongyi’s Weibo.
On the other hand, FF, which he founded, once again went to the edge of a cliff and the situation was in jeopardy.
On April 26th, FF announced that it received a letter from Nasdaq on April 24 that its shares closed below $0.
10 for 10 consecutive trading days, which was no longer in compliance with Nasdaq listing regulations, so Nasdaq staff decided to delist FF shares from the Nasdaq market.
Subsequently, “FF was delisted from Nasdaq”, “FF delisting” and other related topics on the hot search.
Jia Yueting posted a video response on his personal social platform on May 7, saying that “FF received a letter of delisting from NASDAQ last week, and the company is facing a very high risk of delisting, but it is not as misread by some media that it has been delisted.
” 
, Jia Yueting said that as the founder of FF, he and the management will do their best to restore compliance and strive to maintain listing qualifications.
On May 1 this year, FF filed a complaint with Nasdaq to maintain its listing qualification through rectification and compliance.
In view of the current situation of FF, Jia Yueting said that he will serve as the co-CEO of FF, and through the commercialization of personal IP, he will try to make some money as soon as possible, repay some debts, and partly rescue the company to subsidize the construction of cars, and strive to support the basic operation of FF and give investors and shareholders confidence.
But embarrassingly, FF does not agree with Jia Yueting’s decision.
On the evening of May 7, FF issued a statement saying that Jia Yueting posted a video about the company 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 attributed to the company.
In addition, FF also said that while the company is aware of the video showing Jia Yueting considering the possibility of serving as co-CEO if appointed by the company’s board of directors, and appreciates his desire to provide services, the company’s board of directors is not considering appointing him as joint CEO at this time.
The root cause of the current crisis of FF is the issue of trust.
In the video, Jia Yueting reviews the three stages of development after the listing of FF, pointing out that the direct cause of the current crisis of FF is the problem of funds, and the root cause is the problem of confidence and trust.
In July, 2021, FF officially landed on Nasdaq, opening at $16.
80 / ADS, up 22% from the offering price, with a total market capitalization of $5.
4 billion.
Jia Yueting said that in the first stage, investors were full of confidence in the company, but soon, “SPAC directors set up a special committee under the pretext of a large number of fictional short-selling reports, thus taking almost complete control of the company.
” In just over a year, they and individual top decision makers of management almost burned up the nearly $1 billion raised from the listing, mass production of FF91 was greatly delayed, and investor confidence suffered a major blow.
” In the second stage, the major shareholders, righteous management and employees of FF survived adversity in 2022, and finally made things right.
“but the gloom of the first stage is still hanging over me, and my management authority is still greatly restricted.
” Jia Yueting said, “the top management decision-making level composed of professional managers did not take maximizing the interests of the company as the first goal under the premise of legal compliance, did not make due changes, and the operating situation was far from expected.
” once again consumed everyone’s trust in the company.
” It is reported that Jia Yueting lost control of FF in the investigation in April 2022 and retained only his post of chief product officer.
In September, 2023, the FF Board of Directors announced the appointment of Matthias Aydt as FF Global CEO.
At that time, Matthias Aydt had worked at FF for more than seven years, serving as the head of product execution at FF, as well as the head of FF product definition, mobile ecosystem and business development.
Jia Yueting said in the video that Matthias’s appointment as the third phase of CEO in the face of crisis has brought many changes to FF, significantly improved the technical ability of FF, and greatly improved the company’s cost control ability and capital use efficiency, but FF is still not easy to solve for a long time, unable to get rid of the shackles of history, still has not established a sincere and effective external communication mechanism, and trust and confidence are difficult to rebuild.
Jia Yueting wants to return to power as joint CEO of FF.
In order to rebuild his trust and confidence in FF, Jia Yueting proposed a series of rescue measures in the video.
First of all, Jia Yueting mentioned that he would apply to be the joint CEO with Matthias and share the responsibility.
Second, Jia Yueting will work with the management of the company to take all necessary measures to keep the company in compliance with the listing.
Third, Jia Yueting revealed that FF is making every effort to speed up the financing process, and Matthias is promoting major financing and business expansion in the Middle East.
Fourth, Jia Yueting said that he plans to open to the whole industry the complete technology chain and value chain that FF has accumulated over the past 10 years, which is fully suited to the ecology of the US automobile industry, and very leading products, technology, compliance, user ecological construction, etc.
, hoping to become a new value realization and revenue opportunity for FF.
In addition, Jia Yueting also said that through his personal IP commercialization, he will try to make some money as soon as possible, part of the debt to repay, and part of the rescue company to subsidize the construction of cars, and strive to support the basic operation of FF and give investors and shareholders confidence.
After the news of Jia Yueting’s “commercialization of personal IP” was announced, it immediately aroused attention, and some netizens asked: “after Luo Yonghao’s live broadcast to repay the debt, Jia accountant also wants to live with the goods?” As of press time, Jia Yueting has 15.
173 million Weibo followers and 1.
444 million Douyin fans.
, 
, FF’s latest response: without considering the appointment of Jia Yueting as co-CEO, in response to a series of measures to save FF proposed by Jia Yueting in the video, FF issued a statement on the evening of May 7 that Jia Yueting posted a video related to the company on social media as an individual rather than a company executive, and any such statement should not be considered to be the work of the company without the company’s approval.
In addition, FF also said that while the company is aware of the video showing Jia Yueting considering the possibility of serving as co-CEO if appointed by the company’s board of directors, and appreciates his desire to provide services, the company’s board of directors is not considering appointing him as joint CEO at this time.
According to official FF data, FF delivered a total of 10 FF91 2.
0 Futurist Alliance for the whole of 2023, including one owned by Jia Yueting.
In February this year, FF again announced the delivery of a FF 91 2.0F.Uturist Alliance .
So far, Jia Yueting has built cars for 10 years and delivered a total of 11 cars.
It is worth mentioning that in April, according to Interface News, two FF internal whistleblowers claimed that the company had lied about a small amount of data delivered so far.
Of the four FF91 announced by FF to complete delivery, only one received full payment 60 days after delivery, while the remaining three were announced before the sales process was completed, the employees said.
In response, Jia Yueting said in a personal Weibo post that “there are a large number of false statements and slanders in the complaint for the purpose of conspiring to retaliate and extortion, and will file counterclaims against these two people.
” FF official WeChat said on the 16th that there is absolutely no false behavior in the company’s sales activities, and that all FF 91 2.
0 vehicle delivery is legal.
The company has established a sound internal control mechanism to ensure that the necessary full payment or down payment has been received before the public announcement, to complete the examination and approval of Lease (rental and sales) vehicles, and the registration process of the Traffic Administration.
FF (NASDAQ:FFIE) shares rose 7.
32% to $0.
044, with a total market capitalization of $1.
8648 million, at the close of trading on May 7.
FF shares fell in after-hours trading, with FF shares down 2.
27% at $0.
043 as of press time.
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