Outspoken billionaire works to salvage his tech empire in China

Business & Technology

Jia Yueting, who has global ambitions for his companies, "admitted in a memo to employees last month that his LeEco holding company had expanded too aggressively into smartphones, electric cars and other ventures, and was struggling to raise the cash it needed."

Credit: The Faraday Future Inc. FFZero1 concept vehicle stands on display at the Beijing International Automotive Exhibition in Beijing, China, on Monday, April 25, 2016. Electric-vehicle startup Faraday Future is planning to manufacture its first car in 2017 at a $1 billion factory near Las Vegas. Photographer: Qilai Shen/Bloomberg