On April 14, Eastern time, according to a document disclosed by the US Securities and Exchange Commission (SEC), the board of directors of Faraday future (hereinafter referred to as FF) approved and took effect some measures on April 12, mainly including the post adjustment of Jia Yueting, the founder of FF company, who will no longer serve as an executive officer.

According to the announcement, Jia Yueting will continue to serve as the company’s chief product officer and user ecosystem officer, and report to the executive chairman of FF. Its main responsibilities will be products, mobile ecosystem and Internet, artificial intelligence and advanced R & D technology.

FF said in the aforementioned sec documents that the board of directors appointed Matthias aydt, the former senior vice president in charge of business development and a member of the board of directors, as the executive officer, with a probation period of 6 months and effective immediately. Aite will continue to serve as a non independent director of the board of directors during his tenure.

In addition to the aforementioned personnel adjustment, FF also took a series of disciplinary actions, including dismissal, against other non-executive employees, but did not disclose their names.

The above measures are mainly aimed at internal investigation and accountability that have lasted for some time.

In the past three months, because FF focused more on internal investigation, the company did not submit its annual report to NASDAQ in time. On April 4, Nasdaq stock exchange sent a notice to FF, saying that its practice of delaying the submission of statements did not comply with the provisions on continued listing. If FF wants to maintain its status as a listed company, the company needs to submit form 10-Q for the third quarter of 2021 and form 10-K as of December 31, 2021 before May 6.

At present, FF has not clearly responded whether the company can timely submit the 2021 annual report after the investigation.

In July 2021, FF merged with property solutions acquisition Corp and subsequently became a listed company. J capital issued a short report a few months later, but FF failed to accurately refute one by one, including the payment data of ff91 orders.

The board has since launched an internal investigation. Almost at the same time, Jia Yueting and FF CEO Bi Fukang were fined a 25% pay cut. Moreover, with a number of rectification measures issued by the FF board of directors, Susan Swenson was appointed as the executive chairman of the FF board of directors, and Bi Fukang and Jia Yueting both reported to Susan Swenson.

In addition, the document shows that Wang Jiawei, vice president of FF global capital, has also resigned after he was suspended for several months. In addition to the identity of the company, he is also Jia Yueting’s nephew. He joined LETV and served as an executive after graduation.

It is reported that after Jia Yueting left LETV and founded FF, Wang Jiawei also joined, and took the main role in each round of financing projects of FF so far, creating a total financing amount of more than US $2 billion for FF.

As of the closing of US stocks on April 14, FF quoted us $4.50 per share, down 2.6%, with a total market value of US $1.46 billion, down 78% from the highest market value after listing.