The China Securities Regulatory Commission continued to exert pressure, but Jia Yueting had already transferred Faraday Future's assets and fled

Earlier this month, when LeEco founder Jia Yueting took over as CEO of Faraday Future, the electric car company, he was seen by the outside world as the company's main financial investor and major shareholder. But according to reliable sources, on December 29, Beijing time, Jia Yueting had already transferred his shares in Faraday Future to his nephew Wang Jiawei.

People familiar with the matter told foreign media that Wang Jiawei was named Faraday Future's chief financial officer in documents signed with the California Secretary of State earlier this year, and served as treasurer in documents filed with the Nevada Secretary of State in 2016. However, his position at Faraday Future was not mentioned in his personal profile. Faraday Future representatives declined to comment on the company's financial situation, and Wang Jiawei did not answer the phone.

Throughout 2017, pressure on Jia Yueting grew as LeEco and its subsidiaries ran into financial trouble. Jia Yueting tried to evade potential legal action related to his domestic debts by transferring shares he controlled in Faraday Future, a company registered in the Cayman Islands in 2015, to Wang Jiawei, people familiar with the matter said. Creditors have been pursuing LeEco for outstanding debts, with some even sleeping in the company lobby.

This summer, the Shanghai High People's Court seized $180 million of Jia Yueting's assets, and earlier this month, Jia Yueting was added to the "deadbeat" blacklist, while Chinese regulators are increasing pressure on Jia Yueting to return from the United States. Today, the Beijing No. 1 Intermediate People's Court announced that it would seize about $200,000 of Jia Yueting's bank deposits, order the seizure of 1 billion shares of LeTV's listed subsidiary LeTV Information Technology (Beijing) Co., Ltd., and seize two Beijing properties owned by Jia Yueting.

This month, at a Faraday Future all-hands meeting, he told employees that he would take over as CEO and announced a new investment of about $1 billion for Faraday Future. But according to multiple former employees, the company is using the new cash to start paying off debts to suppliers. Before the new investment arrives, Faraday Future is in danger of not being able to pay its employees. In recent months, the company's chief designer, chief financial officer, chief technology officer and three of the five founding executives have resigned.

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.