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Faraday Future founder Yueting “YT” Jia was appointed co-CEO on April 24, 2025, about three years after he was sidelined following an internal probe, according to TechCrunch. That co-CEO arrangement did not last: a May 2026 SEC filing says Jia became sole CEO effective May 5, 2026, after Matthias Aydt resigned from the role.
Why was YT Jia sidelined?
TechCrunch reported in April 2025 that Jia had been sidelined in 2022 after an internal probe into allegations of fraud. Faraday Future later said in a March 2026 SEC-filed announcement that the internal investigation began in October 2021 and was initiated by an independent director from the SPAC merger counterparty. Those are distinct dates: the company dates the investigation’s start to 2021, while TechCrunch says Jia was sidelined in 2022.
Faraday Future said a later SEC investigation related to matters involving its 2021 PIPE and SPAC-related transactions, and that the company had received Wells Notices. The company described Wells Notices as not being formal charges. The available filings establish the company’s account of the probe’s origins and subject matter, but do not provide the special committee’s full findings.
What did the SEC investigation conclude?
In a letter dated March 18, 2026, the SEC Division of Enforcement said that, based on information available as of that date, it did not intend to recommend an enforcement action against Faraday Future. The company’s Form 8-K says Jia and Jerry Wang received similar letters in their individual capacities.
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The SEC filing explicitly cautions that the notice must not be construed as exoneration or as a guarantee that no action may ultimately result from the staff’s investigation. It is therefore accurate to describe the notice as a decision not to recommend enforcement based on the information then available—not as a finding that the allegations were disproved.
When did Jia become co-CEO, and what changed?
On April 24, 2025, Faraday Future’s board appointed Jia co-CEO alongside Matthias Aydt, then the company’s Global CEO. The company’s SEC-filed announcement said Jia would take on direct reporting lines for finance, legal and supply chain, and described the move as a fundamental change to top management structure and decision-making.
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Aydt welcomed Jia’s return in company-provided remarks: “I’d like to extend my warmest congratulations to our founder, YT Jia, on his return to a crucial leadership role as Global Co-CEO of Faraday Future.”
Is Jia still co-CEO?
No. The May 2026 Form 8-K says Aydt’s resignation as co-CEO took effect May 5, 2026, and Jia was appointed sole CEO. The same filing says Jiawei Wang, previously Global President, became Global Executive Chairman, with certain finance, legal, governance and risk-management oversight.
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That filing is the relevant source for current leadership status; the 2025 co-CEO appointment is historical context, not the company’s present arrangement as of the filing.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What does this leadership change mean for Faraday Future’s cars?
Faraday Future was founded in 2014, according to TechCrunch. The company describes the FF 91 as its flagship vehicle and says deliveries began in 2023. It has also described FX as a second brand aimed at the high-volume mainstream market.
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At the April 2025 appointment event, Faraday Future set a target of having its first FX vehicle off the line by year-end 2025 and said it aimed to manufacture and sell tens of thousands of FX units within two years of production, subject to necessary rights and funding. Those were forward-looking company targets; the cited material does not establish that they were achieved.
TechCrunch reported in 2025 that Faraday Future had spent more than $3 billion developing the FF 91 and had sold around a dozen vehicles. Those are the outlet’s figures from its April 24, 2025 report, not a current sales total or an independently verified statistic.
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Key dates in Jia’s leadership and the investigations
| Date | What happened |
|---|---|
| 2014 | TechCrunch says Jia founded Faraday Future. |
| October 2021 | Faraday Future says its internal investigation began, initiated by an independent director from the SPAC merger counterparty. |
| 2022 | TechCrunch says Jia was sidelined after the internal probe. |
| April 24, 2025 | The board appointed Jia co-CEO alongside Aydt. |
| March 18, 2026 | The SEC Division of Enforcement said it did not intend to recommend enforcement based on information available as of that date, with an explicit non-exoneration caveat. |
| May 5, 2026 | Aydt’s co-CEO resignation took effect and Jia became sole CEO; Wang became Global Executive Chairman. |
Sources
- TechCrunch: Faraday Future founder Yueting Jia named co-CEO after being sidelined for years
- Faraday Future’s April 24, 2025 SEC-filed co-CEO announcement
- Faraday Future’s March 2026 SEC-filed announcement on the investigation and SEC notice
- Faraday Future’s May 2026 Form 8-K on leadership changes
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