Jia Yueting Pledges “Shareholders and Investors First,” Aims for First Milestone in Personal Equity Incentive Plan

In a tweet today, Faraday Future (FF) co-founder Jia Yueting reiterated his commitment to “shareholders and investors first,” vowing to push forward with the initial milestones of his personal equity incentive plan. This announcement comes on the heels of FF’s first annual shareholder meeting, which concluded with updates on key developments and future strategies.

Yueting’s renewed focus on shareholders and investors follows his recent appointment as co-CEO of FF, a move announced at the company’s investor community and FX developer day just over a month ago. At the time, he outlined his ambitious equity incentive plan, promising to allocate half of the proceeds from its realization to settle debts within the Chinese legal framework, with the remainder reinvested in the company’s growth.

The plan is structured in two phases. The first phase grants Yueting a 1% equity incentive for every $5 increase in FF’s stock price, or for every $700 million increase in market capitalization, capped at 5%.

The second phase kicks in after the 5% threshold is reached, with a further 1% incentive awarded for every $20 increase in the stock price or every $3 billion increase in market cap, with a cumulative limit of 9% across both phases.

Today’s update indicates progress in FF’s pursuit of these goals. The company announced a pre-order for 600 units of its FX Super One from a leading US-based multi-channel network (MCN) agency, bringing the total FX 2B pre-orders to 2,500. Jia Yueting highlighted the innovative “end-to-end B2B2C” co-creation model between FF and MCN influencers, calling it an unprecedented collaboration in the global automotive industry.

Furthermore, FF unveiled the first design rendering of the FX4, positioning it as a disruptor in the AIEV (AI-powered EV) RAV4 segment.

Looking ahead, Jia Yueting outlined FF’s key objectives for the second half of the year:

A private, in-person launch event for the FX Super One is scheduled for June 29th, followed by a global online launch on July 17th. The company aims to begin the FX Super One’s rollout in the Middle East as early as the second half of the year.

FF’s three primary 2B sales initiatives will continue to expand, extending their reach across eight states.

Furthermore, the company is in discussions with several web3 entities to explore potential collaborations, with the goal of launching web3 products related to FF ecosystem user benefits.

Yueting also remains steadfast in his commitment to making shareholders and investors the priority, focusing on achieving the initial milestones of his personal equity incentive plan.