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Jia Yueting files for bankruptcy in US
Jia Yueting, the Chinese billionaire who left China two years ago after running up massive debts, has filed for bankruptcy and restructuring in the US, Yicai Global reported. Once the process is completed, he will no longer own a stake in Faraday Future, the new-energy vehicle startup he founded five years ago. A trust controlled and managed by a committee and a trustee will be set up to ensure the rights and interests of creditors, the team in charge of Jia’s liabilities said in a statement on social media. The 46-year-old will transfer all of his personal assets, including his holding in California-based Faraday ... (full story)