Just now, Jia Yueting posted a video on social media "In order to save FF, I made several decisions".
In the video, he proposed that in the future, he would make some money as soon as possible through the commercialization of personal IP, partly to repay debts, and partly to save FF, which will be used to subsidize car manufacturing.
In Jia Yueting's view, this decision is not consistent with his personal pursuit, so it is a "tangled decision". And his decision soon aroused the attention and heated discussions of netizens.
In the eyes of many netizens: Jia Yueting is about to bring goods live broadcast.
Previously, many netizens did suggest that Jia Yueting follow Luo Yonghao's example and make quick money to repay his debts through live broadcasting.
However, with the release of the new rules for live broadcasting, Xiao Yang, Simba, Wei Ya and other head anchors with goods have either retired behind the scenes or been blocked, and it remains to be considered whether live streaming is still the best way to make quick money.
The entire video released by Jia Yueting has three main points:
1. Refutation of rumors: FF is facing a very large risk of delisting, but it is not as misinterpreted by some media that it has been delisted.
2. Summary and review: Jia Yueting reviewed the three stages that FF went through after its listing, and summarized the problems at each stage and the root causes of the FF delisting crisis.
3. Announcing five new decisions:
Decision 1: Jia Yueting will strive to serve as co-CEO with Matthias in the future.
Decision 2: Strive to maintain FF's compliance listing status.
Decision 3: Make every effort to accelerate the financing process, especially in the recent major financing and business expansion in the Middle East.
Decision 4: Open up the technology chain and value chain of products, technologies, and compliance to all industries in China and the United States.
Decision 5: By starting the commercialization of personal IP, make some money as soon as possible to pay off debts and subsidize FF car manufacturing.
As of the time of publication, due to Jia Yueting's announcement of the commercialization of his personal IP, Faraday Future's stock price rose only 0.98%, with a share price of $0.4 per share and a market value of $1.762 million.
Here's what the video is all about:
It's not easy to record this video today, and I've gone through countless rounds of heated arguments and difficult communication to be able to tell you this.
Last week, FF received a delisting opinion letter from NASDAQ, and the company is facing a very high risk of delisting, but it is not as misinterpreted by some media. If FF is really delisted, it will not only cause irreparable damage to FF's investors, shareholders, creditors, suppliers and all families, but also a great loss to the automotive industry in China, the United States and even the world.
As founders, I and the company's management will do everything we can to restore compliance and maintain our listing status. On May 1, the company filed a complaint with NASDAQ to maintain its listing status through rectification compliance.
Looking back at the three stages that the company has gone through after going public, I believe that the direct cause of the above crisis is the problem of funding, and the root cause is the problem of confidence and trust.
In the first stage, in 2021, FF was listed on the NASDAQ, with a market value of more than $4 billion, and investors are full of confidence in the company. Soon, the SPAC directors set up a special committee under the pretext of a large number of fictitious short-selling reports, so that they almost completely controlled the company. For their personal interests, they framed and suppressed many Chinese start-up teams, including me, and improperly drove away many Chinese core executives, and even I myself was almost squeezed out of the company by them. In just over a year, they and some of the top decision-makers in the management almost burned out the nearly $1 billion that could be put on the market, and the mass production of FF91 was greatly delayed, and investor confidence suffered a major blow.
In the second stage, in 2022, the company's major shareholders and righteous management-level employees survived against adversity, and finally succeeded in setting things right. But the gloom of the first phase is still hanging over, and my management authority is still greatly restricted. Although all the management led the company to make good progress, the top management decision-making level composed of professional brokers did not take the maximization of the company's interests as the first goal under the premise of legal compliance, and did not make due changes, and the operating conditions were far from expectations, which once again consumed everyone's trust in the company.
In the third stage, Matthias, who has served the company for 8 years, was appointed as CEO in a critical situation, which brought many changes, significantly improved the FF technical strength, the company's cost control ability and capital use efficiency in the SOD 2 process. However, FF is still difficult to return, unable to get rid of the shackles of history, still has not established a sincere and effective external communication mechanism, and trust and information are difficult to rebuild.
A lot of people ask me, you are the founder of the company, and most of the company's financing comes from you, why can't you be the CEO of the company? There are also many people who have told me that you can't be the CEO of the company because of your negative debt, otherwise no one will invest in us. Because of this, I also doubted myself and compromised many times.
In 2019, I voluntarily relinquished my role as CEO and hired a professional manager as CEO. After the establishment of the special committee, I was further deprived of the company's main and supreme management decision-making power. I have no right to participate in the final decision-making of the company's core finance, legal affairs, and supply chain, the three decisive functional lines and business lines, until today.
Unlike in China, the CEO of a U.S.-listed company has the highest decision-making power. I thought that my sacrifice could be exchanged for the success of the company, but what I didn't expect was to usher in nightmares again and again. If we are to restore everyone's trust and confidence and save FF, we must make real changes.
First of all, a lot of people have been saying lately that if YT could really control the company, even if half of the control became the contact CEO, FF might have succeeded a long time ago. And only the founders will put the interests of the company above their personal interests.
As the founder, I am the most tormented, the most painful, and the most guilty. In today's most dangerous situation for the company, I can no longer doubt myself, let alone compromise.
Although there is a possibility that my proposal will not be approved, our lawyer has warned me that this will greatly increase my personal risk. But I decided to step up and think hard and share the responsibility with Matthias as co-CEO.
Secondly, I will work with the company's management team to take all possible steps to maintain the company's compliance and listing status.
Thirdly, we are working hard to accelerate the funding process, including at this very moment, as Matthias is also working on his recent major fundraising and business expansion in the Middle East.
Fourth, as an important part of the next phase of FF's strategy, we plan to open up the complete technology chain and value chain accumulated in the past ten years, including products, technologies, compliance, and user ecological construction, which are fully adapted to the ecology of the U.S. automotive industry and very leading, to the hope of the whole industry.
As a bridge between the automotive industry between China and the United States, FF can not only create win-win value for China and the United States, but also promote the breakthrough and upgrading of the global mobility industry, and also hope to become a new value realization and revenue opportunity for FF.
Fifth, thanks to the suggestions given to me by many people, I have made a tangled decision that is not consistent with my personal pursuit, I will try to make some money as soon as possible by starting my personal IP commercialization, partly to repay debts, and partly to save companies to subsidize car manufacturing, and strive to support the basic operation of FF, and give investors and confidence to replenish confidence.
Finally, I will often use video with you to synchronize the progress of "FF Dream Battle", and welcome everyone to participate in it and support us.
When I started a business in the United States, I was also a blank slate, not only experienced the baptism of cultural conflicts and prejudices, but also encountered countless frames and slanders. Traps everywhere, pitfalls everywhere, we are covered with bruises to get to where we are today. I believe that many growing strivers and entrepreneurs may be experiencing, or will experience similar challenges in the future.
I want to say to you: as a struggler, you should always reflect on yourself, but never doubt yourself, don't compromise, thank you.
[The author of this article is a dark horse, an entrepreneur who originally wrote.] If you need to reprint, please contact the WeChat public account (ID: iheima) for authorization. ］