Faraday Future, everyone’s favorite spectacle in the automotive world, is doing about as well as the Titanic after it struck the iceberg. They are currently attempting to sue the rival startup Evolizcity, founded by their own ex CTO and CFO, over stolen trade secrets, and attempting to slow their hemorrhaging of top talent to the new king on the block, Byton Automotive.
Perpetually troubled electric car startup Faraday Future filed a lawsuit on Monday against the company’s former chief financial officer, Stefan Krause, alleging that he stole a number of trade secrets and improperly solicited employees to join him at a new startup.
Byton, fresh off the successful launch of their flagship vehicle at CES, has been in a race to gobble up Faraday’s best and brightest with rival startups Indi EV and Evelozcity, in a giant EV game of Hungry Hungry Hippos. It seems some of those left at the floundering Faraday are none too pleased at their former coworkers new fortunes. Rumors have begun circulating within the ranks of Faraday Future that Byton is already out of money, withholding payroll, denying employee expense reimbursements, and not being able to pay its vendors.
These very issues have plagued Faraday Future, to the point that in late 2017, memos circulated the company informing them that they had sufficient funds to take care of payroll through the end of the year, and that more funding was imminent. Well, funding has been “imminent” at Faraday for over a year, but their founder, YT, a man who resembles the lovechild of “Little Rocket Man” and “Commander in Chief Baby Hands”, has torpedoed every single deal that was in the works. Seriously, just read his statement here, circulated on the companies LinkedIn profile. It sound like a six year old throwing a tantrum on the playground.
However, I can report that Byton Automotive is not out of money. Their employees quite happily take home their pay checks twice a month, and the company is paying their suppliers. The rumors to the contrary believe to have come from Faraday employees who interviewed with Byton and were rejected by the company. Having their lifeline off of the shipwreck that is Faraday removed, they are now attempting to prevent their fellow employees from leaving out of spite. While it does not seem that the leadership at Faraday is spreading these rumors, those at the company foolish enough to listen and back away from an opportunity at Byton will be quite upset at said coworkers for taking their own failures out on them.