EV Startup Faraday Future Claims 'Coordinated Effort' In Valuation Plunge, Starts Probing 'Suspicious Activities'
Portfolio Pulse from Anan Ashraf
EV startup Faraday Future Intelligent Electric (NASDAQ:FFIE) suspects a coordinated effort to undermine its valuation through misinformation and market manipulation. The company has initiated an investigation and may take legal action if it discovers any illegal activities. Faraday Future has faced numerous challenges, including production delays and funding issues. The company's shares closed down 23.7% on Thursday at $3.89 and fell 1.5% after hours. Year to date, the stock has dropped nearly 82%.
September 08, 2023 | 6:18 am
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Faraday Future's stock price has been negatively impacted by suspicions of a coordinated effort to undermine its valuation. The company is investigating potential market manipulation.
The news of a potential coordinated effort to undermine Faraday Future's valuation and the company's subsequent investigation could negatively impact investor sentiment and put downward pressure on the stock price. The company's shares have already been under pressure, with a year-to-date drop of nearly 82%.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100