According to a report by Bloomberg on October 25, Faraday Future announced a comprehensive pay cut in an email sent to employees last week. Starting in November this year, all employees will be cut by 25% to save cash. The pay cut is expected to run from Nov. 1 until the end of the year. This comes after the company laid off dozens of employees earlier in October, two of the people said.
The email memo also said employees will be awarded restricted stock units (RSUs) equal to the salary cut, which will vest in December.
The company recently reported that it had $39 million in cash as of Sept. 21, down from about $47 million at the end of August.
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