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By Ben Glickman
Shares of Faraday Future Intelligent Electric sank Monday after the company said multiple executives had agreed to use part of their salaries to buy shares.
The stock was down 18%, to $3.22, reaching a fresh 52-week low. Shares have fallen 86% this year.
The Los Angeles-based electric mobility ecosystem company said late Friday that its executives had agreed to deduct 50% of their salary over three months to be used to purchase Faraday Future stock. The shares bought through the program will be locked for at least 180 days after the issue date.
Shares of Faraday Future initially rallied following the news Friday, rising nearly 5% after-hours.
The company said incoming Chief Executive Matthias Aydt, founder YT Jia and current CEO XF Chen had voluntarily agreed to the purchase plan.
Write to Ben Glickman at [email protected]
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