Will Jia Yueting be forced out of the palace by the board of directors? This time it is the dream that is shattered, or it is to turn the tide

The series of actions recently launched by the FF board of directors seem to be pushing the company's founder Jia Yueting out of the market in various ways, just like Wall Street capital forced Apple founder Jobs to drive him out.

On April 12, FF's board of directors submitted a filing to the SEC showing that the company's founder Jia Yueting will continue to serve as the company's chief product and user ecology officer and will continue to report to the executive chairman. Its responsibilities will be limited to the product and mobile ecosystems as well as the Internet, artificial intelligence and advanced research and development technologies, removing the role of "executive officer" in the sense of a public company.

A day before the FF board of directors submitted the document, Jerry Wang, the hero who helped Faraday Future (FF) land on the NASDAQ, was forced by the board to resign, which caused industry concern. One of FF's core executives, Jerry Wang, vice president of capital, updated his personal LinkedIn page shows that he has now left FF.

From Wang Jiawei's voluntary resignation to the current exclusion of jia yueting, the founder of the company, and reducing Jia Yueting's right to speak in the company, it can be seen that the FF board controlled by Wall Street capital is pushing Jia Yueting and FF Chinese executives step by step. These actions of the FF board of directors have also made the outside world worry about whether the "drama that the board forced Jobs to play out again" will be staged again.

Will Jia Yueting be forced out of the palace by the board controlled by Wall Street Capital? This time it is the dream that is shattered, or it is to turn the tide.

The board of directors forced the palace, and Jia Yueting had no choice but to carry the pot

The board of directors forced Jia Yueting, and the matter originally originated from a short report against FF last year. At the time, the short-selling agency said that FF would never sell cars, and said that Jia Yueting, the founder of FF, still controls FF through FF's global executive committee. The short-selling report also indicated that there was financial fraud in FF, which brought huge losses to FF's stock price.

In response to this short report, the FF Board of Directors deliberately set up a special committee composed of independent directors, with the assistance of independent legal counsel Kirkland & Ellis LLP law firm and independent audit firm Alvarez & Marsal, through several months of internal self-examination, finally showed that FF company's information disclosure was correct, clear and transparent, and the allegations in the short report were seriously inaccurate.

The filing with the U.S. SEC is also a remedy taken by the company's board of directors after the conclusion of this independent investigation. Only in this remedy, the board of directors of FF Company transferred the responsibility to the company's founder Jia Yueting, trying to reduce Jia Yueting's voice at the level of public and company management. After the announcement was released, many media reported that Jia Yueting had been punished by the board of directors for errors such as data "falsification" and inconsistencies in individual "information disclosure", and the internal investigation led to the postponement of financial reports, which was entirely blamed on Jia Yueting.

In fact, in the conclusion of FF's internal investigation, there is no mention of the word "fraud", but almost completely deny the conclusion of the short report, the word "fake" is completely an over-interpretation of the word "potentially misleading" by the outside world; secondly, even if there are flaws in the text description or incomplete data provision, the review of listed companies in the United States is extremely strict, and all data and materials will be reviewed by the company's internal, board of directors, external law firms, accounting firms and NASDAQ. In addition, the financial delay is the result of an internal investigation, and the internal investigation is initiated by the board of directors controlled by individual independent directors, so that Jia Yueting, who is not even a director, can not be submitted for the financial report, which is obviously a wrong judgment that does not understand the management system of listed companies in the United States.

Looking at the shareholder structure of FF listed companies, you will find a more interesting thing. That is, the Vogel brothers, the partners of FF listed shell companies who only have 1.42% of FFIE's equity, have basically become the actual controllers of the FFIE board. Among them, Jordan Vogel, CEO of FF's listing partner PSAC, became the independent director leader, and Jordan's brother Scott Vogel was the chairman of the audit, nomination, and corporate governance committee of the FF board. They run Sue Swenson, former chairman of FFEE's Board Audit and Compensation Committee, to become FFEIE's executive chairman with an annual salary of over one million dollars and millions of dollars in stock options.

As the founder, Jia Yueting has been forced into corners again and again, and has recently even been removed from the position of "executive officer" in the sense of a listed company, although this position is only a symbolic concept, but the board's suppression of Jia Yueting and his Chinese executive group is evident. After careful analysis, it will be found that Jia Yueting is just a "back pot man" behind the incident, and can even be said to be a "victim".

Forcing Jia Yueting out? The FF board did not dare to take risks

The FF board of directors is now very contradictory, both wanting to suppress Jia Yueting and reduce his right to speak in the company, but he does not dare to risk forcing Jia Yueting to leave. Because, they also know that as the founder of FF, Jia Yueting is very important to this company.

History has proven countless times that only founders can save the company, which has been repeatedly verified in the history of world business, and Jobs ran away from Apple and returned to Apple to save the company and in danger is a good example.

From a fair point of view, Jia Yueting should be regarded as one of the few excellent product managers in the Internet industry. Whether it is the already famous super TV, or the mobile phone and other products, they have indeed fulfilled his commitment to users in terms of performance, appearance, experience, etc. Jia Yueting's sense of touch for products is not limited to technology, but also has his prejudgment in hardware.

Looking at today's Internet TV, we can find out what new developments have been made in the current Internet smart TV after Jia Yueting concentrated on building cars? In fact, we don't see any new actions for current practitioners, or any new insights into the future. Only when you lose do you feel cherished. After Jia Yueting left the Internet smart TV, the industry may only begin to miss the effect that Jia Yueting gave to this market. As one industry analyst believes, the loss of LeTV's pilot, the follower also lost its direction.

Some investors said that for startups such as FF, investment is largely investment in founders. Because only the founder can deeply understand the vision of the company, always keep in mind the original intention and mission of the company, and know how to translate the vision into the company's strategy, products and business model. They invested in FF precisely because Jia Yueting's past successful experience and even the lessons of failure touched them.

In their view, Jia Yueting's talent and ability in the Internet, artificial intelligence, product definition and research and development are all top-notch, which are the basic conditions for FF to be able to gain a foothold in future competition, which is the real reason why the board of directors wants to suppress Jia Yueting on the one hand, and has to retain his position as chief product and user ecology officer.

At present, FF is the only company in the market with technology and products that surpass Tesla in multiple dimensions, and FF 91 is called "Tesla Killer" by the US media. In this struggle between the FF board and the founder of the palace, I hope that Jia Yueting can win this war and lead the FF 91 to be mass-produced and delivered as scheduled.