Jia Yueting, the CEO and a co-founder of troubled EV startup Faraday Future, has a notorious history with money. While his rise to fame and fortune in China was built partly around his vision â€” he started a streaming company in 2004 called LeTV, well before Netflix shifted away from DVDs â€” it was also built on financial debt. For years, he followed a relatively simple formula. He found success with LeTV, borrowed against that success to try new things under the umbrella of â€œLeEco,â€� then borrowed against those ventures to do even more, stacking up debt along the way. With China’s economy booming at the time, and a large shadow banking system emerging that made borrowing easy, he was off to the races.
More than a decade later, Jia finds h…
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