Tech
EV startup Faraday Future paid $7.5M to company tied to founder Jia Yueting
Faraday Future paid around $7.5 million to a company controlled by its founder Jia Yueting in 2025, according to a new regulatory filing.
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.
The payments happened while Faraday Future was still under investigation by the Securities and Exchange Commission (SEC), which was probing what are known as “related party transactions” between the company and entities related to or controlled by Jia, Faraday’s 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.
The SEC dropped its four-year-long investigation in March, as TechCrunch first reported, 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 during the second Trump administration.
The new transactions were revealed in Faraday Future’s annual proxy filing published on Thursday. It shows Faraday Future paid a mix of monthly $100,000 “consulting” fees, a $2 million “bonus payment,” 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.
Faraday Future it did not respond to a request for comment.
Faraday Future describes FF Global as an “affiliate” of Jia in the proxy filing, and in previous filings has said he exerts “significant influence” over the LLC. FF Global has five “voting managers,” one of whom is Jia, while the others include business associates and a family member — his nephew Jerry Wang.
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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’s legal department. FF Global also has a similar “consulting agreement” with a crypto holding company run by Wang (and advised by Jia) called AIXC. (Wang’s wife’s law firm also consults for AIXC.)
FF Global is also a major shareholder of Faraday Future and — with Jia — 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.
“Jia 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,” the company wrote earlier this year.
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’s movement of money in and out of the company, and into the disclosures made during the merger process.
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.
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. Jia was re-installed as co-CEO last year, and is now Faraday Future’s sole CEO.
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 “advertising services.”
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Tech
Planned Amazon data center could become the biggest climate polluter in the U.S.
As part of a planned data center in Pecos County, Texas, Amazon is investing in an on-site power plant that could become the largest source of climate pollution in the United States, according to The New York Times.
The NYT says the plant would burn natural gas and is permitted to release 33 million tons of carbon dioxide per year — more than any other power plant in the U.S.
In a statement, an Amazon spokesperson confirmed that the data center will “be powered by new on-site generation that won’t raise electricity costs for Texas families.” (Data centers face growing political opposition for a number of reasons, including their effect on electricity costs.)
AI has already had a significant impact on Amazon’s carbon emissions, which it reported were up 16% last year — the wrong direction for a company that pledged to eliminate its carbon emissions by 2040. And that could get worse as Amazon and tech companies back the development of huge natural gas plants to support their power-hungry data centers.
The Amazon spokesperson said, “The world looks different now than when we co-founded the climate pledge,” while also claiming, “Our commitment hasn’t changed.”
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Tech
OpenAI acquires presentation startup NextSlide
NextSlide recently announced that it’s joining OpenAI, with the presentation startup’s team members now working on ChatGPT.
The NextSlide website currently displays a note from founder Ahmed Beshry describing the startup’s product as one “that could turn prompts, notes, documents, or research into a polished, editable presentation.”
The ultimate goal, Beshry said, was “to make visual communication more accessible and help more people express their ideas clearly.” So by joining OpenAI, the team will “continue pursuing that same mission: building AI products that help people create, communicate, and turn their ideas into meaningful work.”
The financial terms of the deal were not disclosed. In a note on LinkedIn, Beshry said the announcement is coming “a few months late,” as the acquisition took place “earlier this year.”
Beshry was previously a co-founder at Caper AI, a smart cart/cashier-less checkout startup acquired by Instacart in 2021.
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Tech
X replaces ‘misaligned’ revenue sharing program with Original Content Rewards
X, the social media platform now owned by Elon Musk’s SpaceX, is shaking up how it pays influencers and creators.
In announcing the change, the company said it will be winding down its existing Revenue Sharing program and replacing it with something called Original Content Rewards. X will stop accepting new Revenue Sharing participants, while existing participants will continue earning money through September 7.
Then, starting on September 8, they’ll be able to apply for the new program. Participants will still need to subscribe to one of X’s Premium tiers, and there will be qualifying thresholds for follower count (500 verified followers) and impressions (500,000 Home Timeline impressions from verified users in 90 days), but it sounds like the big change is the emphasis on originality.
What counts as original content? X said it can include original reporting and analysis, photos and videos created by the poster, or memes and graphics they’ve designed themselves. Commentary also counts, but “if your content regularly incorporates material created by others, you’ll need to contribute meaningful original value for it to qualify under our original content guidelines.”
The company also included examples of posts that won’t count as original, such as those just copied over from another account, downloaded from one account and re-uploaded to your own, or reposting content “without meaningful transformation.”
This announcement follows repeated attempts by X to reform the Revenue Sharing program, for example reducing payments to aggregators and “clickbait” accounts in April. But these efforts have also prompted complaints from popular accounts profiting from the current system; Musk even reversed some of those changes (giving a creator’s local audience more weight when calculating payouts) after a backlash.
In a post about the new changes, X’s Allegra Jacchia wrote that the existing program “had reached a point where its incentives were misaligned.”
“Creators should be focused on bringing net new content to the platform instead of maximizing payouts,” she said. “We could have kept adding more rules and exceptions, but ultimately the better decision was to start fresh and build a program designed from day one to reward originality.”
Jacchia added that X be “continue refining the program, improving our models, and raising the bar over time.”
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