After the financial situation at Faraday Future took a turn for the worse, employees have taken to the internet to crowd-fund the most important expenses to keep furloughed employees afloat.
The fund was started by former FF employees, who have decided to mobilize to aid their former colleagues after a series of poor financial decisions has forced the company to furlough employees. The campaign’s declared goal is to collect $50,000 in order to pay their most urgent expenses: The employees who are “in need of financial support because of lay off or mandatory furlough”.
Employees who started working after May, 1, 2018 have been ordered to take a furlough while older workers receive a reduced salary of $50,000 per year. CEO Jia Yueting said the furlough will last at least through December, and is dependent on finding new funding for the electric vehicle company. Former US American co-founder Nick Sampson, who left the company recently, described the situation as “insolvent in both its financial and personnel assets”.
The plan is to collect the money within the next two weeks, so that the next two months of manufacturing can be funded. Employees will be paid directly from the account and according to needs, with those with children being prioritized, among other factors.