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Nevada Official Claims That The Chinese Billionaire Behind Faraday Future Is Broke

“It’s clear Mr. Jia doesn’t have any money,” Nevada State Treasurer Dan Schwarz recently said of Jia Yueting, the tech mogul behind the mysterious Silicon Valley car startup Faraday Future. This does not look good.

Last week Schwarz spoke to China Daily with a fairly grim assessment of how his state’s $335 million tax break to the Chinese-backed car company is looking:

“The projects Jia invested in, including in China, seem very difficult for him personally to realize,” Nevada State Treasurer Dan Schwartz said in an interview with China Daily.

“If you look at Leshi (LeEco’s listed arm) it has roughly $6 billion in revenue, but it’s netting about $50 million. That profit margin is less than 1 percent … Grocery stores make 2 percent to 3 percent,” said Schwartz. – READ MORE