Faraday Future Runs Out Of Cash AGAIN! Can't Pay Employees
Following a significant fallout with its main investors, Faraday Future is running out of cash and it is on the brink of bankruptcy.
The startup now says that it can’t pay employees and it is putting more of them on furlough.It seemed like the startup was finally out of the woods after a large Chinese holding company promised a massive $2 billion investment in Faraday Future, but the relationship has proven to be extremely difficult.
The Chinese holding company, Evergrande, agreed to take a 45% stake in the company for $2 billion in funding starting with “initial payments totaling $800m payment through early 2018, and the remaining $1.2 billion over time.”
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