Faraday’sexecutive chair is stepping down after receiving multiple threats of physical violence and even death.
It’s a shocking turn of events, but under further scrutiny, this latest development in the behind-the-scenes drama Faraday seems almost inevitable. So what’s the volatile situation at play?
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Why is Faraday executive chair Susan Swenson receiving death threats?
Automotive News, Executive Chair Susan Swenson and two other board members have left the company, citing a security filing from Faraday. Adam He has, for the time being, been appointed to serve as interim non-executive chair.
Faradayhasn’t had a smooth road to success, as the startup is experiencing an interior power struggle over the leadership of the company.
This apparently became elevated when Faraday reported that she had received criticism which escalated to include “threats of physical violence and even death threats.”
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But what’s the deal with Faraday’s “Game of Thrones” situation concerning the company’s leadership?
As it turns out, Swenson wasn’t planning on leaving Faraday until more decision-making power and funding had been handed over to a dissident group of disgruntled shareholders, who own 36% of the company.
But these shareholders appear to have grown impatient, and an unnamed individual or person(s) decided to threaten Swenson and Jordan Vogel, and Scott Vogel.
An internal investigation revealed that the main culprit behind the death threats and shareholders vying for control is none other than the company’s co-founder, Jia Yueting.
Who is Jia Yueting?
Jia Yueting, as mentioned above is one of the co-founders of Faraday, but was demoted to chief product and user ecosystem officer, after first operating as an executive officer.
Allegedly, according to
Dot LA, Yueting came under fire for misleading investors, prompting a thorough SEC investigation. Yeuting has also been accused of embezzlement and fraud, though no charges have been filed against the Chinese billionaire.
The most recent death threats against board members have prompted some to suspect that Yueting is using these sinister messages as a way to push other important members of the company out of the way.
In the meanwhile, an investigation is currently underway to look through Faraday’s financial statements in order to determine if any criminal wrongdoing has indeed occurred.
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