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Faraday Future said it will lay off some employees and cut staff salaries by 20 percent because of "financial difficulty" following a dispute with its property-tycoon backer.

The measures are temporary and compensation will be restored once the company secures new funding, the electric-vehicle startup said in a statement on Tuesday. As for its founder, Jia Yueting, the erstwhile billionaire will now take an annual salary of $1 starting Oct. 16.



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Faraday To Layoff 20% Of Workforce And Slash Wages After Funding Dispute

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