How The Man Who Challenged Tesla Went Bankrupt | Facebook
This is how the man who challenged Tesla went bankrupt.
2015 Future Future was was was a a a California-based California-based California-based California-based. electric electric electric electric car car start. car car start start start up with deep pockets pockets in in China China China and and and ambitions ambitions ambitions ambitions. to to to to take take take take on on on on. the world it assembled assembled assembled as as as seemingly seemingly seemingly out out out out of of. of of nowhere, nowhere. nowhere a a a star-studded cast cast of of top top top executives executives executives from from from Tess. Tesla. Tesla Tesla Audi Audi Lamborghini, BMW, BMW, Ferrari, Ferrari, Ferrari Ferrari, Volkswagen Volkswagen Volkswagen Volkswagen Volkswagen Ford Ford Ford Ford and and Google Google United United behind behind behind a a a forward-thinking forward-thinking forward-thinking forward-thinking vision vision vision vision. of of of of. jump jump jump starting the the autonomous autonomous connected connected connected electric. electric electric car. car car ecosystem. ecosystem or develop. A car subscription service, or inventing a drive train that could be mounted to any type of vehicle or putting this bat Mobile car into production. wait, Where they are serious? Okay in 2015, Fairview Future's actual plans were a mystery, but with a 1500 percent workforce over a hundred employees poached straight from Tesla, a foot planted firmly in Los Angeles and an agreement for a one billion dollar factory in Nevada. Verdi future was ready to kill Tesla, where it stood, but by 2018, Verdes had burned through billions of dollars and was struggling to. In business and it's almost all because of this man. Faraday futures co-founder Eugene, a billionaire tech entrepreneur who's aggressive money borrowing powered Faraday future into a shining star in the automotive industry and simultaneously brought its downfall in three short years. This is how the man who challenged Tesla went bankrupt Jain Jain or or Y Y T T as as he he was was called. called start his career in the. Nineties as an official in a local tax, he left to start a whole bunch of businesses ranging from coal to Mobile phones in 20 years, He would be the seventeenth richest person in China with a net worth of seven point, three billion dollars. His most successful venture was a streaming company called a TV which launched it's video streaming service in 2004 three years before Netflix on the heels of ATV's success. Why T Aquired? Developed other lines of businesses smartphones, TVs, sports programming, financial products, smart bicycles, and even electric cars, all under an umbrella brand called Le Eco or economy, while the Echo's activities seemed unrelated why T saw an opportunity opportunity to to provide provide provide consumers consumers consumers with with with with. everything everything everything they they they could could could could want want want want. an electric car that can can drive drive you you around. around. around. call call call your your your your friends friends. friends friends hold hold hold a. a a a business business business meeting meeting meeting or watch watch sports sports all all all all in one. in in in in one one one one neat. neat neat neat little. little. little ego package. In 2014, why T cofounded Faraday future headquartered in California why T would spend hundreds of millions of dollars developing a car out of the future eventually planning to open a one billion dollar factory in Nevada, the same state where Tessa was building its Giga factory, Meanwhile, in 2015, 2015, YT why? YT YT led led led an an an an aggressive aggressive aggressive aggressive. campaign to to expand expand the the the ego ego ego products products products into into into into the the the the. United United United States opening in 80000 80000 acre acre campus campus campus in in in San San San San Jose. Jose, Jose, Jose, California California. California hiring. hiring over 300 and. From Silicon Valley and acquiring American TV manufacturer Vizio for two billion dollars in 2016, the Eco launched its flagship smartphone, the Pro three and lay s three and a smart TV, the Eco TV with the aim to take on tech tech giants giants Apple Apple Apple and and and Google Google Google Google in in. in in the the the US market, and none none of of these these these ventures ventures ventures were were were making making making making money money. money money for for for YT with the the exception exception of of the the streaming streaming service service Lehi. Lehi, formerly a TV. None of the Echo's seven businesses were profitable, according to Bloomberg. So where did all that money come from some from Y's pockets, but a lot more came from China's lenders as reported by the New York Times. Why T found cash over two point one billion dollars in in this this report report report in in in two two two different different different different ways. ways, ways, ways ways, one one one one. he he simultaneously courted courted small small small working working working working class. class class class investors investors investors investors. by by by promising good rates rates of of return return return and and and playing playing playing playing down. down. down down risks. risks Two he. The back channels and dealt in China's shadow formal banking system where regulations hardly existed. Understandably, there was a huge backlash when Whyy didn't deliver on his promises in April of 2017 30, - seven representatives of small businesses staged staged a a a sit-in sit-in in the. sit-in sit-in in in in the ego. in the the the ego lobby demanding demanding the the ego ego pay pay pay 10 million dollars 10 million dollars 10 million dollars 10 million dollars that that that was owed. that was was was owed to them. owed owed owed to them. them. Lago Lago responded responded responded by by by feeling. feeling feeling feeling. It's it's lobby with. it's it's lobby lobby lobby lobby with with with potted plants to to keep keep the the angry angry creditors creditors from loading there. from Loading There YT ign. In order to appear in court in 2017 and instead fled China to the future in California, his last chance at getting some money together The consequences of his death, though were too big and too far reaching for Faraday future to save them in 2017. The court in China named YT to Ade blacklist. The blacklist is a way to publicly slap the rest of affluent Chinese business people and try to prevent them from spending recklessly, but most importantly. Why t's name on that list meant investors were less keen on doing business with Faraday future. In fact, Stefan Krause the future CFO was offered financing deals that were strictly contingent on YT resigning or giving up a controling part of the the company. company. It's It's just just just White White White T. T T T didn't didn't didn't want want want to to to give give give give up up. up up control and Faraday Faraday future future desperately desperately desperately needed needed needed the the the the money, money. money money. but. But But but after after after three three three years, the company didn't didn't even even have have a a a car car car to to to sell. sell. sell. sell. remember Remember remember remember that. that that that 1500 person workforce, while the verge reported that. Insiders at Faraday said the company didn't even have work for them to do in 2018. Faraday future burning through cash and unable to find another finance laid off a large chunk of its employees and applied for financial assistance in October of 2019. JW filed for Chapter 11 bankruptcy, according to the notice, Why T accumulated over six point six billion dollars of debt in total, while repaying only three billion dollars. Story ends on a hopeful note today, Faraday future is still alive. It continued to develop its first announced production car The FF 91, and has tried to spark interest in it, keeping a stream of footage of the car on the Street and in testing up on the Faraday future, YouTube channel. The company has a new CEO the man in charge of the BMW I. program and co-founder of Biden cars, cars, Karsten Karsten Liefeld, Liefeld Liefeld, Rafe Rafe Rafe Rafe. expressed expressed expressed renewed renewed. renewed renewed commitment commitment commitment and Faraday Future's mission mission of of using using using the the the technology technology technology. FS FS FS developed developed developed far far to to transform transform the the car car industry industry and and that's. that's for IT. While he's still living in a mansion in California, he's still involved in Fair day as a senior officer in charge of design, though he is no longer a finance of the company in a statement on Twitter. why T apologized for his mistakes, namely failing to repay his debts. He also mentions how how important important important it it it is is is for for for him him him him to. to to to return return return to to to to China, repay his his debts debts and and and make make make Faraday Faraday Faraday Faraday future future. future future a a a a successful successful successful successful company. It's easy easy to to see see why why T T T had had had all all all the the the tools tools. tools to to make. make a revolutionary car company. If you look around, you'll see why T's vision in 2014 for a smart connected electric car ecosystem was right on the money. His bravado and charisma are the same as Elon Musks, who kept Tesla afloat through rocky financial situations on vision and enthusiasm enthusiasm alone. alone. alone alone. Verdi Verdi Verdi Verdi future future future future. could could could have have have easily been a successful successful as as Tesla Tesla Tesla simply simply simply simply the the the. the decision decision decision decision to. to to to push push push forward for for so so long long long without without without seeing seeing seeing seeing. seeing cash cash. cash cash and and and never never. never compromising. compromising was unsustainable. Why T says the success of a company is all about the choices. It makes seems like YT just made some wrong ones.