Faraday Future

Faraday Future was founded in 2014 by Jia Yueting, the Chinese tech mogul behind LeEco who was barred from Chinese financial markets for defaulting on billions in debt. The company merged with Property Solutions Acquisition Corp in July 2021, finally reaching public markets after years of near-death experiences.

The FF 91, a luxury electric SUV priced at over $300,000, was supposed to compete with the Rolls-Royce of EVs. But production was perpetually delayed. The company's Hanford, California factory sputtered along, producing what appeared to be hand-built vehicles at a rate of perhaps one per week.

Faraday Future's most distinctive achievement has been its reverse stock splits — three of them in just 12 months. An 80:1 split in August 2023, a 3:1 in February 2024, and a 40:1 in August 2024 combined for a total ratio of 9,600:1. This means that 9,600 pre-split shares became a single share. The total value destruction is hard to comprehend.

Somehow, Faraday Future remains technically alive as of 2025, trading at pennies per (reverse-split-adjusted) share. Fewer than 15 FF 91s have been delivered to customers. The company issues perpetual going-concern warnings but continues to exist in a zombie state, occasionally announcing new plans that nobody takes seriously. It may be the single worst investment in SPAC history by any measure.