Faraday Future Accepts 10% Equity Gift from 'Grow Up! Striver' Company
TapTechNews October 9th news, Faraday Future (FF) announced today that it accepts and thanks the Grow Up! Striver company for the 10% equity gift, which was originally held by FF's founder and chief product user ecosystem officer Jia Yueting.
The Grow Up! Striver company was jointly established by Jia Yueting and a group of partners from China and the US, aiming to create the first global IP commercialization company listed on the US stock market. Jia Yueting will give nearly 60% of his personal holdings in Grow Up! Striver, that is, 10% of the total equity of the Grow Up! Striver company to FF.
The Grow Up! Striver company focuses on the commercialization of global intellectual property (IP) and has completed the registration procedures in both China and the US. With the establishment of the new company, Jia Yueting also announced the launch of the global partner program, including recruiting more talents engaged in IP development and supply chain management.
According to TapTechNews' report on October 3rd, Faraday Future's global CEO Matthias Aydt and the founder, chief product and user ecosystem officer Jia Yueting have carried out the first-month stock increase in September, with a total of 10,455 shares of Class A common stock, worth $35,799 (of which Matthias purchased 5,313 shares, worth $18,192; Jia Yueting purchased 5,142 shares, worth $17,606).
This stock purchase is carried out according to the previously disclosed Salary Deduction and Stock Purchase Agreement. Both Matthias Aydt and Jia Yueting have previously informed Faraday Future that they plan to use a large part of their basic salary (about 64% of Matthias' initially prorated $550,000 basic salary and about 56% of Mr. Jia's initially prorated $612,000 basic salary, both after-tax amounts) to purchase the company's Class A common stock during the three-month period from September to November 2024, and implement it according to the previously disclosed Salary Deduction and Stock Purchase Agreement. The two can also choose to extend their stock purchase during the open trading window. In addition, the purchased stocks cannot be resold within 180 days.