Chinese Billionaire Cuts Salary to 15 Cents Amid Cash Crunch
- ‘We blindly sped ahead,’ co-founder Jia Yueting says in letter
- Shares in LeEco group’s companies plunge on news of struggles
Chinese Billionaire Cuts Salary to 15 Cents
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The billionaire chairman of China’s LeEco has admitted his technology empire is running out of cash to sustain a headlong rush into businesses from electric cars to smartphones.
In a lengthy letter to employees, company co-founder Jia Yueting apologized to shareholders and pledged to slash his income to 1 yuan (15 cents), slow LeEco’s madcap pace of expansion, and move the company toward a more moderate phase of growth.