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Dec 29, 2017

Faraday Future boss Jia Yueting no longer owns the company, sources say

Before taking over as CEO of electric car startup Faraday Future earlier this month, LeEco founder Jia Yueting was known as the company’s main financial backer and majority shareholder. But Jia is no longer the largest shareholder, according to three people with knowledge of the company’s finances, because he transferred his controlling shares in Faraday Future’s holding company to his nephew, Jiawei Wang, earlier this year.

Wang was named as the company’s chief financial officer in documents filed earlier this year with the California secretary of state, and as treasurer in documents filed in 2016 with the Nevada secretary of state. He does not list Faraday Future as a place of employment on his public LinkedIn profile, but he has been...

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