Jia Yueting abandoned his biological company and fled to the United States
In 2004, Jia Yueting, a young man full of momentum and ideals, founded his own company - LeTV with the support of his parents with the vision and enthusiasm of the Internet era.
In that era when capital has not been fully accumulated and competition is not very fierce, LETV quickly occupied a place and made small achievements in the field of video websites.
Watching the company's steady development, Jia Yueting's ambition swelled and he was no longer satisfied with his existing achievements. He believes that LeTV needs to expand its business areas quickly, so he confidently announced that LeTV will enter the physical manufacturing industry such as automobiles and mobile phones.
However, this reckless move eventually led to a serious break in the capital chain and losses. In the complicated business environment, LeTV soon took on a huge debt of up to 12.2 billion, and the company was on the verge of bankruptcy.
At this time, Jia Yueting, as the founder, should stick to his post and work side by side with all employees to tide over difficulties. But to everyone's surprise, in 2013, Jia Yueting avoided the important and chose to flee to the United States alone, leaving behind the company he founded himself.
For employees, the betrayal and abandonment of the boss at a critical moment has caused everyone's confidence to fall to the bottom and lost all hope for the company's future.
Sun Hongbin relayed LeTV to save himself
After the boss Jia Yueting left the mess and slipped away, LeTV, the wrecked ship that was about to sink, seemed to have ushered in a glimmer of life. A tycoon named Sun Hongbin, as a "savior", injected up to 15 billion funds into LeTV.
This amount is equivalent to ninety percent of LeEco's total arrears, giving employees a glimmer of hope.
But soon the hope was dashed, because even with Sun Hongbin's capital injection, LeEco's already bloody financial situation was still unsustainable. Sun Hongbin realized that he couldn't change anything, so he had to send one of his employees with no management experience, Liu Yanfeng, to LeTV to make a name, and he simply gave up the "broken ship" neatly.
Without a license plate and no backer, the middle and senior management of LeTV know that they can only rely on themselves. So without any foreign assistance, LeEco's management began to lead the company's self-help campaign.
They have made great efforts to attract attention through network self-hacking, improve product quality and regain users, and stabilize employee motivation to improve the company's operational efficiency.
Now, six years later, it is not difficult to see that this self-help movement has been successful. LETV has survived the most difficult period, successfully realized the company's industrial transformation and structural optimization, the number of users and sales performance reached a new high, and the whole company is booming and officially entering the fast lane.
For the entire LETV staff team, this is undoubtedly a feat successfully promoted by internal strength and wisdom.
Although Jia Yueting chose to flee at the most difficult time for LeTV, for LeTV's employees, when they mention this name, there will still be a trace of excitement and nostalgia in their hearts.
Because in their memory, Jia Yueting represents the company's initial struggle.
When he founded LeTV in 2004, Jia Yueting was just a young man full of passion. His enthusiasm, enthusiasm and longing for the Internet era have deeply infected and driven all the employees around him.
Everyone worked day and night, all with beautiful fantasies about the future. It was a day when LETV people were truly united and worked hard.
Every time they think of that time, employees can't help but get excited - the most precious thing in youth is not success, but the process of striving for it with all their might.
Therefore, although Jia Yueting chose to give up in the end, the past has become a strong stroke in the development process of LETV.
Now, the employees are gradually relieved and realize that Jia Yueting will not be able to return to LeTV. And their own work and life are also on the right track, and LeTV is also developing steadily.
Looking back, they sincerely thank this period of working with Jia Yueting, and this period of youth will become the eternal spiritual wealth of LETV people.
After fleeing to the United States in 2013, Jia Yueting did not live in seclusion. He acquired a listed company, Faraday, through a high investment, and served as the company's CEO, which seems to have returned to the peak of the business wave again.
Jia Yueting wants to use Faraday as a platform to transform himself and enter the automobile manufacturing industry that he has longed for. Through the acquisition of this shell listed company, Jia Yueting quickly launched Faraday's first concept electric car.
He spent a lot of time on press conferences and exhibitions, striving to build Faraday's popularity and reputation in one fell swoop.
But the good times didn't last long, and at a grand new car exhibition, Faraday's concept car suddenly spontaneously combusted for no reason, a major mistake that directly overturned Jia Yueting's plan to immediately make a splash in the American auto market.
In addition, Faraday's share price has been falling since its IPO and will soon need a new round of funding. In terms of public opinion, Jia Yueting has also been labeled a "liar" by some American media because of the negative impression of LeEco's debt crisis.
It can be said that Jia Yueting's development in the United States was not as smooth as he expected. He couldn't replicate the entrepreneurial brilliance of LeEco, and Faraday's performance was not ideal.
He was also gradually marginalized on the issue of the company's management rights. Perhaps Jia Yueting himself is not satisfied with the gains of his trip to the United States, but he still has a long way to go if he wants to reach the pinnacle of business again.
It is impossible for Jia Yueting to return to LeTV
A few years ago, Jia Yueting fled to the United States when LeEco faced the most dire situation, leaving employees to fend for themselves. His departure directly led to an unprecedented crisis for LeEco.
Looking back on the development process of LETV, it is not difficult to find that LETV's staff team has completely let go of its dependence on Jia Yueting and has grown in independent operation. LeTV is no longer a company that needs Jia Yueting to save the scene, but has found a healthier development direction through system construction and teamwork.
At the same time, in the hearts of employees, although they are grateful for the years of struggle, Jia Yueting has lost his position as a spiritual leader. Employees will no longer accept this founder who chooses to escape at a critical moment.
Therefore, even if Jia Yueting once again expresses his intention to return, I am afraid it will be difficult for employees to accept it sincerely.
In the end, with Jia Yueting's personality and entrepreneurial journey, it is unlikely that he will be willing to put down his career again and return to a LeTV that has "flown out of the nest".
In the short term, the possibility of Jia Yueting's return to LeTV is slim. Putting aside the emotional factor, it's also a healthier relationship for both parties.
LeEco has a bright future
After experiencing the baptism of the company's internal and external troubles and self-help movements, today's LETV is full of upward vitality and vitality. It has not only gotten rid of the past business crisis, but also made a qualitative leap in product strength, technological innovation, and management.
In terms of products, LETV no longer relies solely on video services, but extends to the emerging mobile Internet field, and has launched a series of innovative applications including navigation, games, and music.
These products are deeply loved by users, and word of mouth and downloads continue to rise. In terms of technology, LETV has invested heavily in research and development, and has made breakthroughs in cutting-edge technologies such as video coding, streaming media, and artificial intelligence, which provides a solid foundation for further product iteration.
In addition to product strength, in recent years, LETV has also completed the transformation from a start-up company to a mature enterprise in terms of operation and management. It has carried out the reform of flat management and decision-making mechanism, and established a sound corporate governance structure.
The sense of teamwork among employees has been significantly enhanced, and the entire organization has become more efficient.
Overall, LETV has successfully transformed into a dynamic Internet company, and its development prospects are very bright. It has advanced technical strength, a rich product portfolio and a positive corporate culture.