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jia yueting

phoenix technology news, september 13, beijing time, although faraday future has only delivered 13 cars in its 10-year history and recently laid off or temporarily laid off most of its employees, the company still generously gave its founder and ceo a significant salary increase and bonus.

faraday future said in a regulatory filing on wednesday that its founder jia yueting's annual salary increased from $450,000 to $680,000.increase of more than 50%.also,he also received a one-time recognition bonus of $500,000, an annual discretionary target bonus of $816,000, and two annual stock awards with a total value of more than $4 million.

at the same time, faraday future ceo matthias aydt's annual salary will increase from $400,000 to $700,000. he will also receive a one-time recognition bonus of $500,000, an annual discretionary target bonus of $700,000, and two annual stock awards with a total value of more than $4 million.

however, the salary increase and bonus for the two are conditional. in the short term, jia yueting and aite will not receive their full salary. their salaries will be calculated on a pro-rata basis, $612,000 and $550,000 respectively, and they must agree to use at least $340,000 of them to purchase company stock. they will only get the remaining salary increase when the company restores full wages for all other employees. currently, jia yueting and aite are also being cut in salary.

faraday future's ff91

moreover, the one-time bonus will also be paid in batches. each person will receive 25% of the bonus on september 30 this year, and another 25% of the bonus on october 31. the remaining part will be paid on september 30, 2025 or when financing of more than us$30 million is completed, whichever is earlier.

faraday desperately needs funds

at present, faraday future is in urgent need of funds, but the company is rewarding executives lavishly. as of the end of the second quarter of this year, faraday future had only $793,000 in unrestricted funds on its books. earlier this week, the company just announced that it had received $22.5 million in new financing commitments from the middle east, the united states and asia. this new investment will be provided in the form of convertible notes and warrants.

faraday future has sold few electric cars so far and has been accused of falsifying sales records in two whistleblower lawsuits. at the same time, the company laid off or temporarily laid off hundreds of employees and slashed the salaries of the remaining employees. in february 2024, the company was almost driven out of its los angeles headquarters, but eventually reached an agreement with the property owner.

separately, faraday future continues to be investigated by the u.s. securities and exchange commission, which issued two more subpoenas to the company in the first half of this year.

as of press time, faraday future has not yet commented on this. (author/xiao yu)

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