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The billionaire who controls electric-car startup Faraday Future is being pursued by another company he founded for billions in unpaid debt
Faraday Future has struggled to get on stable financial ground for nearly two years and recently announced Jia Yueting would take over as CEO.
The Los Angeles-based car startup needs at least $500 million to stave off a huge debt payment that becomes due in December if the fundraise is unsuccessful.
LeEco's financial woes have been playing out publicly since 2016, as an ambitious expansion in the US began to fall apart.
The fledgling LA-based upstart is on a $1 billion fundraising blitz to build a factory and get its first car on the road.
Faraday Future is looking for $1 billion as it seeks to go from hobbled startup to successful carmaker
The company is looking to bring in the first $500 million of a $1 billion-plus Series A round later this year.
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Faraday Future was hamstrung in recent months by an ambitious agenda that was nearly upended by a cash shortage and a mass exodus among its executive ranks.
A struggling Chinese tech giant looking to make a big splash in the US is said to be selling off property to raise money
LeEco CEO Jia Yueting once said the company's Silicon Valley property would be "an EcoCity" housing 12,000 employees, but its headcount is nowhere near that.
Cash-strapped electric-car startup Faraday Future is bringing in a BMW veteran to get its finances in order
Krause will take charge of Faraday's corporate finance division and handling investor relations and capital management.