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Faraday Future is doling out giving raises and bonus to its chief operating officer and its founder , despite having delivered just 13 car in its 10 - yr history and latterly laying off orfurloughingthe majority of its workforce .
The company announced in a regulatoryfilingWednesday that CEO Matthias Aydt ’s salary is getting bumped from $ 400,000 up to $ 700,000 . He will also receive a “ one - meter recognition fillip ” of $ 500,000 , an “ one-year discretionary target bonus ” of $ 700,000 , and two annual stock grants worth more than $ 4 million .
Founder Jia Yueting ’s $ 450,000 wage is increasing to $ 680,000 . He is also receive a $ 500,000 acknowledgment fillip , an annual discretionary target bonus of $ 816,000 , and two yearly stock President Grant deserving more than $ 4 million .
This all comes at a time when the ship’s company has been scrounging for money . Itfinishedthe second after part of 2022 with just $ 793,000 of unrestricted cash . in the first place this week , it announced $ 22.5 million innew financing commitmentsin the variety of convertible notes and countenance .
Faraday Future has barely sold any EVs to appointment andhas been accused of counterfeit some of the sales it did in a pair of whistle-blower lawsuits . ( Faraday Future has disputed these claims but also let in in regulatory filings that a third employeehas come forrad . ) Meanwhile , the company lay off or furloughed C of employees , and the ones who do remain are on drastically reduced pay . It wasnearly evictedfrom its Los Angeles home base in February 2024 . The company was capable to reach an agreement with the property owner .
Faraday Future also continues to be under alive investigation by the Securities and Exchange Commission , whichsentthe company two more subpoenas in the first half of this year .
There are some conditions to the raise and bonus . In the immediate future , Aydt and Jia will actually be paid at a prorated base salary of $ 550,000 and $ 612,000 , severally , and they have to agree to spend at least $ 340,000 of that money on buy society shares . They will only pick up the remainder of their raises if , and when , the company restores the full salaries of all other employee . ( Both Aydt and Jia had been working at reduced salaries as well . )
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The one - time bonuses will be paid out in chunks , with each of them receiving 25 % of the money on September 30 , another 25 % on October 31 , and the remainder on the early of September 30 , 2025 , or the pass completion of a funding round great than $ 30 million .
The company did not immediately respond to a request for comment .
