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Faraday Future paid around $7.5 million to a company controlled by its founder Jia Yueting in 2025, according to a new regulatory filing<\/a>.<\/p>\n The long-struggling electric vehicle startup made the payments in a year when it delivered only four vehicles and lost nearly $400 million. The company has pivoted to selling cheaper vans and robots imported from China.<\/p>\n The payments happened while Faraday Future was still under investigation by the Securities and Exchange Commission (SEC), which was probing what are known as \u201crelated party transactions\u201d between the company and entities related to or controlled by Jia, Faraday\u2019s own filings have shown. The SEC was also investigating whether Faraday Future properly represented the level of control Jia had over the company when it went public in 2021, and whether it lied about early sales of its EVs in 2023.<\/p>\n The SEC dropped its four-year-long investigation in March, as TechCrunch first reported<\/a>, despite having sent notices to Faraday Future, Jia, and other executives last year stating that investigators were recommending an enforcement action. The closure of the investigation comes amid a historic drop in white-collar crime enforcement<\/a> during the second Trump administration.<\/p>\n The new transactions were revealed in Faraday Future\u2019s annual proxy filing published on Thursday. It shows Faraday Future paid a mix of monthly $100,000 \u201cconsulting\u201d fees, a $2 million \u201cbonus payment,\u201d and $1.7 million to repay loans from the company, which is called FF Global Partners LLC. The company did not explain the remaining $2.6 million in the filing. <\/p>\n Faraday Future it did not respond to a request for comment.<\/p>\n Faraday Future describes FF Global as an \u201caffiliate\u201d of Jia in the proxy filing, and in previous filings has said he exerts \u201csignificant influence\u201d over the LLC. FF Global has five \u201cvoting managers,\u201d one of whom is Jia, while the others include business associates and a family member \u2014 his nephew Jerry Wang.<\/p>\n Techcrunch event<\/p>\n \n\t\t\t\t\t\t\t\t\tSan Francisco, CA<\/span> Wang, who is a president at Faraday Future, draws a six-figure salary from FF Global, according to the filing. So does his wife, who is the head of FF Global\u2019s legal department. FF Global also has a similar \u201cconsulting agreement\u201d with a crypto holding company run by Wang<\/a> (and advised by Jia) called AIXC. (Wang\u2019s wife\u2019s law firm also consults for AIXC.)<\/p>\n FF Global is also a major shareholder of Faraday Future and \u2014 with Jia \u2014 controls almost every aspect of the EV company, to the point that Faraday labels this as a risk factor in its most recent annual filing.<\/p>\n \u201cJia and FF Global, over which Mr. Jia exercises significant influence, have control over our management, business and operations, and may use this control in ways that are not aligned with our business or financial objectives or strategies or that are otherwise inconsistent with our interests,\u201d the company wrote earlier this year.<\/p>\n FF Global also helped bring Jia back to power after the company went public in 2021. Shortly after Faraday Future merged with a special purpose acquisition company, the new public company board of directors opened an investigation into Jia\u2019s movement of money in and out of the company, and into the disclosures made during the merger process. <\/p>\n In early 2022, the board sidelined Jia, who has been blacklisted by China for financial fraud, after finding Faraday Future had misrepresented the level of control he had over the company. They then referred their findings to the SEC, which opened its investigation shortly after.<\/p>\n FF Global, meanwhile, spent all of 2022 agitating to replace certain board members with ones friendly to Jia. This campaign became so intense that multiple board members received death threats. Those board members ultimately resigned in part because they feared for their lives<\/a>. Jia was re-installed as co-CEO last year<\/a>, and is now Faraday Future\u2019s sole CEO.<\/p>\n FF Global is not the only Jia-related company that Faraday Future has paid, or plans to pay, money to. The company stated in its proxy filing that it paid $700,000 to a loan company associated with him last year. It also owes $8.5 million to Leshi Information Technology Co. Ltd., one of the companies related to his failed Chinese tech conglomerate LeEco, for \u201cadvertising services.\u201d<\/p>\n<\/div>\n When you purchase through links in our articles, we may earn a small commission<\/a>. This doesn\u2019t affect our editorial independence.<\/em><\/p>\n
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