| ||Thread Tools|
|16th October 2019, 14:21||#1|
Join Date: May 2010
Would-be Tesla killer files for bankrupcy
Owes $3.6 billion
The Chinese bloke who claimed that he would defeat Tesla has filed for Chapter 11 bankruptcy in Delaware court having amassed billions worth of debts worldwide.
While many can't get banks to extend their credit limits by a few euro until next month, Faraday Future's founder and former CEO Jia Yueting managed to rack up debts of around $3.6 billion to more than 100 creditors.
Most of the debt was due to the collapse of LeEco, the tech conglomerate he founded in China, but some of it comes down to pure stupidity on behalf of investors and financial organisations who seemed too keen to loan him more money.
Jia was named to a national debtor blacklist in China and so he moved to the United States in 2017 which apparently opened its bank vaults to give him cash.
Last year China Securities Regulatory Commission (CSRC) posted a notice stating that Jia, who had built a technology empire that included electric cars, smartphones and a video-streaming platform, did not make good on a promise to provide interest-free loans to debt-laden, Shenzhen-listed Leshi Internet Information & Technology Corp, whose shares have been suspended from trading since April 2017. He was ordered to return to China to face the music by December 31.
Before proceeding in court with Chapter 11, though, Jia is offering to satisfy his debts through a trust backed by the value of his ownership stake in Faraday Future. This trust will only pay out to creditors if and when the startup goes public.
|Thread||Thread Starter||Forum||Replies||Last Post|
|Control a fake Tesla while charging your real Tesla||Stefan Mileschin||WebNews||0||24th June 2019 09:25|
|The new iPad Files app is actually useful for managing files||Stefan Mileschin||WebNews||0||4th June 2019 08:18|
|The USB Killer: Now Faster, Better, More Anonymous||Stefan Mileschin||WebNews||0||20th February 2017 06:54|
|'Killer Instinct' arrives on PCs||Stefan Mileschin||WebNews||0||30th March 2016 07:43|
|White House responds to Tesla direct sales: we love Tesla, can't help||Stefan Mileschin||WebNews||0||16th July 2014 08:19|
|Very slow opening Excel files? Speed Up Excel 2007 Opening Files from Network||jmke||WebNews||0||13th February 2009 15:10|
|Bigfoot Networks Killer NIC & Killer K1 Network Cards||jmke||WebNews||0||22nd March 2007 10:25|
|Gaming With The Killer NIC||jmke||WebNews||3||9th December 2006 21:05|
|BigFoot Networks Killer NIC: Killer Marketing or Killer Product?||jmke||WebNews||0||31st October 2006 07:41|
|Killer 7||Sidney||WebNews||1||22nd July 2005 21:48|