Faraday Future (NASDAQ:FFIE) stock is in the news Thursday as investors react to news of more trouble at the electric vehicle (EV) company.
This time news of salary cuts is making the rounds. Recent reports claim that all employees at the EV company will see their wages cut by 25%. This happens as the company struggles to keep going ahead of its first EV launch next year.
Cash has been a frequent problem for Faraday Future and now its employees appear to be feeling the heat. However, the company is offering them restricted stock units for the amount being cut from their salaries.
These restricted stock units will vest in December and employees can give up more of their salary for more of the units. One thing to note is that these stocks will be forfeited if the employee leaves the company, StreetInsider notes.
FFIE Is Also Dealing With Management Changes
Faraday Future lost its CFO last week and recently announced Yun Han as its interim CFO. She’s also taking on the role of Chief Accounting Officer at the company. Investors will note that Han is replacing Becky Roof, who was also only acting as an interim CFO for the company.
FFIE stock is down 3.7% as of Thursday morning and is down 91% since the start of the year.
Investors seeking out more recent stock market news will want to stick around.
We’ve got all of the latest stock market news they need to know about for Thursday! That includes what has shares of Twitter (NYSE:TWTR) and Meta Platforms (NASDAQ:META) stock moving, as well as the biggest pre-market stock movers from this morning. You can catch up on all of that news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.