Amidst an ongoing liquidity crisis, the founder of Chinese tech conglomerate LeEco has sold his stake in Menlo Park, California-based electric vehicle company Lucid Motors.
Jia Yueting, who once dreamed of creating a Chinese tech juggernaut combining the attributes of Netflix, Apple and Tesla, revealed the news of his divestment last week during an especially candid annual shareholder meeting of LeEco's listed entity, Leshi Internet Information & Technology Corp.
"Please give LeEco two to three years, and allow us to stand up for the second time," Jia said during the annual meeting.
LeEco and Jia have been shedding assets in order to meet payment requirements to suppliers, staff and partners. Jia is said to have received several hundred million U.S. dollars from the sale, according to local media reports.
At the same time,...
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