## Faraday Future’s Rollercoaster Ride Continues: Founder Returns as Co-CEO After Internal Probe
In a surprising turn of events, Jia Yueting, the founder of electric vehicle startup Faraday Future, has been appointed as co-CEO, three years after being sidelined due to an internal investigation. The probe, sparked by allegations of fraud, led to an ongoing investigation by the Securities and Exchange Commission (SEC).
Jia will share the CEO title with Matthias Aydt, a longtime Faraday Future employee, and will be responsible for overseeing finance, legal, and supply chain operations. The announcement was made during a press conference on Thursday. Aydt himself has faced scrutiny, having been placed on probation after allegedly offering a board member up to $700,000 to resign during a power struggle in the company.
This leadership shakeup follows closely on the heels of another controversial appointment. Just last month, Jia’s nephew, Jerry Wang, was named president of Faraday Future. Wang had previously resigned in 2022 as a result of the same internal probe that sidelined Jia, due to a “failure to cooperate with the investigation,” according to SEC filings.
Faraday Future, founded by Jia in 2014, aimed to capitalize on his then-successful electronics and media empire in China. However, that empire collapsed, leading Jia to self-exile to the United States to focus on the EV venture. Over the past decade, the company has invested over $3 billion in developing the ultra-luxury FF91 electric vehicle.
Despite the significant investment, Faraday Future has struggled to gain traction, selling only a handful of FF91s to date. The company has also faced lawsuits alleging misrepresentation of sales figures. With Jia Yueting’s return to a leadership role, the future of Faraday Future remains uncertain, marked by both ambitious goals and a history of internal turmoil.
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