Jia Yueting Biography & Net Worth
Jia Yueting Biography & Net Worth
|Popular Name:||Jia Yueting|
|Real Name:||Jia Yueting|
|Birth Date:||15 December 1973|
Xiangfen County, Linfen, Shanxi province, China
|Profession:||Businessman, Investor, Entrepreneur|
|Net Worth:||$3.2 Billion|
Jia Yueting, also known as YT Jia (Yueting Jia), is a notable businessman and entrepreneur of Chinese origin. He is best recognized as the former chief executive officer of Faraday Future and the founder of Leshi Holding Group. Previously, Jia founded LeEco and the Le.com affiliate LeSports. He is the former chief executive officer and chairman of Le.com, and also the former chairman of both Sinotel Technologies and Coolpad Group.
Despite attaining success in all his endeavors, Jia has been involved in a number of financial controversies related to his businesses. He filed for bankruptcy in October 2019 with a personal debt of more than $3.6 billion. We’ll continue with the full details on this in the article below.
Early Life: Childhood, Education
Jia was born on 15 December 1973 in Xiangfen County, Linfen, Shanxi province, China.
He attended the College of Finance and Taxation in the Shanxi Province and later attended the Cheung Kong Graduate School of Business from which he graduated with his business degree.
Professional Life: Business Career
In the beginning, Jia started his career life by working in a Shanxi Province tax office as a tech support officer.
He later owned Sinotel Technologies which was listed on the Singapore stock exchange. Before the privatization of the company, Mr. Jia Yueting owned 26 percent of its shares. Sinotel Technologies was the holding company of Xbell Union Communication and Shanxi Xbell Communication. Sinotel Tech sold a subsidiary, Xbell Investment, to LeEco (Leshi Holdings Beijing) which was also owned by Jia Yueting.
Jia is the founder of both Le.com and LeEco (Leshi Holding Beijing). In 2015, he acquired Coolpad Group from its former owners via Lele Holding and LeEco Global intermediate holding company. He resigned from his role as chairman and chief executive officer of Le.com in July 2017.
The Beijing Bureau of China Securities Regulatory Commission, on December 25, 2017, ordered Jia to return to Le.com and take his responsibility as the company’s controlling shareholder. Jia refused the public order and sent his wife instead to resolve the financial issues, which brought him criticism from the online community and the Chinese government. Jia had traded part of his share of Le.com and lent the amount of money he received to the company, which he made a signed agreement with the finance company for the loan. However, the loan was never renewed, making the company’s financial troubles even worse.
Jia Yueting started getting involved with Lucid Motors in 2014, when LeEco, along with a couple of other investors, staked $100 million on Atieva (former name of Lucid Motors). In the middle of 2016, Jia used the money he previously borrowed to acquire a stake of more than 20 percent in Lucid Motors, a direct rival of Faraday Future. This was a move that some industry observers characterized as “a destructive strategy”, with public figures pointing out that Jia Yueting actually never wanted Lucid Motors to succeed. As of September 2021, Jia still owns a huge stake in Lucid Motors.
Jia is also a co-founder of Faraday Future. He assumed position of chief executive officer of the company at the end of 2017 and relocated to California in the United States to perform his duties. He eventually sold the majority stake of the company to Evergrande Health while remaining as the company’s chief executive officer. Jia late sued the Evergrande group for withholding promised payments. However, an agreement to settle the litigation was reached, after which Evergrande Health restructured its $2 billion investment for a 32 percent stake in Faraday,
He moved to Los Angeles on July 5, 2017, claiming that his trip to America was connected to the financial affairs of Faraday Future.
Financial Crises, Bankruptcy
In 2017, a Shanghai court issued an order to freeze many of Yueting’s assets in China. After leaving China, Jia spent approximately $21 million on properties and beach houses in California.
In December 2017, he was listed on China’s debt blacklist after he dishonored a court order by not returning to China to pay up millions of dollars that he owed to Ping An Group. Matters became worse for him as courts in both California and the British Virgin Islands, in 2018, enforced freezing of his assets, including the properties he purchased in California and his ownership stake in Faraday Future.
In January 2019, a shopping complex owned by the entrepreneur in Beijing’s Sanlitun area, known as Shimao Gongsan, failed to be sold in an auction. In October that year, Jia filed for bankruptcy in Delaware, United States. He owed billions of dollars to hundreds of creditors in China.
Personal Life: Marriage, Children
Jia was married to Gan Wei for many years until she filed for divorce in late 2019. They have two children together.
His strings of businesses and the controversies associated to them aside, Jia Yueting is a devoted family man who takes care of his family and loved ones. His children are doing well in their own careers thanks to Jia’s influence and the upbringing he gave them. He lives with his family in Beijing, China.
Jia Yueting Net Worth: Salary, Income Sources, Assets
The Chinese businessman and entrepreneur, Jia Yueting, is currently entitled to a net worth of $3.2 billion. His bankruptcy and court cases aside, this man is best known for being the Chairman of Leshi TV which is one of the most visited online video sites in China. His company Leshi Holding is also invested in the production of television shows and films. Additionally, his LeVision Pictures is a popular movie production unit of his Leshi Holding Company which erected an office in Los Angeles, California back in 2014.
At the start of his career, Yueting fended for himself by working at a tax office as a tech support officer before moving on to launch multiple businesses of his choice which eventually paid off and blessed him with his huge fortune.