Jerry Wang, one of the core executives and Vice President of Global Capital Markets at California-based EV startup Faraday Future, updated his personal LinkedIn page on Tuesday, indicating that he had left the firm. Chinese media outlet Securities Daily verified that Wang has indeed taken the initiative to leave the job.
A source close to Faraday Future revealed that Wang is adept at capital operations and has played an important role in the EV firm’s listing on the Nasdaq. Behind Wang’s departure were escalating contradictions between the firm’s board of directors and the management team, with Jia Yueting at the core.
Jerry Wang studied at the Central University of Finance and Economics in China and New York University. He started his business in the U.S. and engaged in investment and financing projects on Wall Street. He brings rich experience in capital markets. Wang has served as important executive in LeTV Holdings and Faraday Future founded by Jia Yueting. Since the establishment of the EV firm, Wang has led every round of its financing, with a total amount of more than $2 billion.
Wang’s resignation has been predicted for some time. Two months ago, Faraday Future announced the rectification report of a third-party independent internal investigation. The report almost completely denied the allegations of the investigation, and also punished several core executives including founder Jia Yueting, CEO Carsten Breitfeld and VP of Global Capital Markets Jerry Wang for the defects of previous information disclosures.
Some people familiar with the matter said that Wang’s resignation may have a great impact on Faraday Future’s internal operation and capital markets. It is obvious from the past announcements of the firm that since its listing, the influence of the founding team of Chinese executives represented by Jia Yueting on the company has been seriously weakened.
As a core executive of Faraday Future, Wang’s resignation could be a blow to the firm, which is in poor condition. Since the internal investigation was launched by the Special Committee of the company’s Board of Directors in October last year, it has been in the midst of negative public opinion caused by the continuous delay in submitting financial reports. According to several public announcements released by the company, May 6 this year will be the deadline for it to submit quarterly and annual financial reports. If it still fails to submit these on time, Faraday Future will face the risk of being delisted.