Jia Yueting is the only FF founder left, and FF is close to running out of funds

According to US media reports, Faraday Future's funds are almost exhausted after the fallout with Evergrande Health. Currently, Faraday Future is taking measures to further reduce spending to prevent the company from going bankrupt before new investment arrives. Faraday Future management decided to close part of the company's headquarters in Gardena, California and its factory in Hanford, California this week.

FF CEO Jia Yueting said employees would be placed on unpaid leave or "furlough" until new funding is received.

With the resignations of Peter Savagian and Nick Sampson, Jia Yueting is the only co-founder left of FF.

Sampson, who left the company on Tuesday, said: "FF's financial and human assets are effectively insolvent and will, at best, remain viable for the foreseeable future."

Jia Yueting said in the email that all employees who started working after May 1 this year "must take leave." Full-time employees who have worked at Faraday Future since May 1 will be able to choose to continue to stay at the company, and according to current and former employees, their annual salary will be reduced by $50,000.

On October 3, Jia Yueting filed an application for emergency relief and emergency arbitration proceedings with the Hong Kong International Arbitration Centre, requesting that Evergrande be deprived of the right to consent to financing and that all cooperation agreements be terminated.

On October 25, the Hong Kong International Arbitration Center issued an arbitration result, which showed that Evergrande was not out of the game and Faraday Future also got the opportunity to raise new funds. Both parties in the arbitration declared themselves the winners.

However, although Faraday Future can raise funds, there are strict conditions and restrictions: the valuation of new stock financing must not be lower than Shiying's post-investment valuation; Shiying has the right of first refusal for new shares; and the amount of external financing before the final arbitration must not exceed US$500 million.

According to analysis, Faraday Future's hope of obtaining new financing is very slim. First there was Sun Hongbin, then there was Xu Jiayin, and then there was Jia Yueting. Moreover, even if Faraday Future raises funds, Shi Ying has the right of first refusal. Evergrande, which is not short of money, will not give a third party a chance to intervene at this time.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.