A federal judge freezes Faraday Future CEO's ownership stake as the future of the electric car startup is in question [Los Angeles Times (CA)]
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Source: Los Angeles Times
A federal judge freezes Faraday Future CEO's ownership stake as the future of the electric car startup is in question Faraday Future continues its downward spiral. A federal judge Thursday temporarily froze founder Jia Yueting’s 33% stake in the Gardena-based electric car startup. The judge also put a protective order on Jia’s trio of high-end homes in Rancho Palos Verdes. It’s the latest twist in the sad saga of Faraday Future, which was supposed to be selling its $100,000 electric techno-future luxury sedan by now. Instead of making and selling cars, management time now is dominated by lawsuits and battles over assets. Faraday hit the scene in 2014, with dreams of becoming the next Tesla. But since the botched unveiling of its FF 91 sedan in Las Vegas two years ago –– the car was supposed to drive itself onto the stage using robot technology, but had to be pushed by humans under cover of darkness –– the company has faced worsening financial problems. In October, the company announce
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