Friday, December 14, 2018

Faraday Future CEO's U.S. Assets Frozen By Judge

Los Angeles-based Faraday Future CEO Jia Yueting's stake in the compan has been frozen by a court ruling, along with a number of mansions he owns in California, as a result of a courtroom battle with a lender. The lawsuit, filed by Shanghai Lan Cai Asset Management Co, Ltd. , is over a $7M loan given to another of Jia Yueting's companies, LeTV, back in 2016. Faraday Future has been swirling the drain for months, as its biggest investor, Evergrande pulled its support for the company. Faraday Future reportedly is almost down to its last dollar, having been expected to run out of cash this week.