Faraday Future gives CEO and founder raises and bonuses after delivering 13 cars

[spondylosaurus]

Genuinely, where is the money to pay these salary/bonuses even coming from? Do these cars cost a few million each?

ETA: It looks like the baker's dozen that they've sold went for about $300k each, which is insane for a car, but doesn't nearly account for all this funny money.

[CaptainOfCoit]

> There are some conditions to the raises and bonuses. In the immediate future, Aydt and Jia will actually be paid at a prorated base salary of $550,000 and $612,000, respectively, and they have to agree to spend at least $340,000 of that money on buying company shares. They will only receive the rest of their raises if, and when, the company restores the full salaries of all other employees. (Both Aydt and Jia had been working at reduced salaries as well.)

> The one-time bonuses will be paid out in chunks, with each of them receiving 25% of the money on September 30, another 25% on October 31, and the remainder on the earlier of September 30, 2025, or the completion of a funding round greater than $30 million.

So they don't actually get the raises and bonuses yet, and them getting it hinges on organizing another funding round of more than $30 million.

[readthenotes1]

Insane? Physical manifestation of an NFT that has about $20k in usage value shouldn't be underestimated!

[toomuchtodo]

Investors.

[sfmz]

On the one hand it seemed obvious that other EV companies would fail after Tesla demonstrated how much cash was required... on the other hand China has built out world-class EV facilities...

[more_corn]

Isn’t it widely known that Faraday is a scam? I seem to recall that this has been reported repeatedly.

[hmmokidk]

FFEI stock is weird, but probably going to be worthless in the future. An AI car is so gimicky it is painful.

[iwontberude]

Imagine negotiating your pay so high you bankrupt the company. Silent quitting got a whole lot more fun.

[next_xibalba]

Perhaps you realize the company is doomed and decide to loot its reserves in the form of salary and bonuses, leaving creditors and investors holding the empty bag in a bankruptcy.

[k4rli]

This has happened in F1 with Kimi Räikkonen due to him winning more than expected. They however came to an agreement and Kimi didn't take all of their money.

[mensetmanusman]

There is a reason there has only been 1 new US car company in nearly a century.

[willcipriano]

> despite having delivered just 13 cars in its 10-year history

> Faraday Future has barely sold any EVs to date and has been accused of faking some of the sales

I'd be embarrassed to accept a raise if these were my results.

[agp2572]

It is a public company. They pay bonus and raises using money that people invest in the stock market. A $100,000 per share company becomes $4 per share company in 4 years.

[paulpauper]

amazingly they own the domain FF.com . that alone is probably worth millions

[cbanek]

Maybe Square would be interested for Final Fantasy!