Faraday Future retreats 7% after sharing Q2 results, crypto plan
Despite the company posting a loss for the second quarter, the management remains optimistic for the second half of the year.
Shares in electric vehicle maker Faraday Future Intelligent Electric fell almost 7% on Monday after the company filed its second-quarter earnings, which also came just a day after announcing a multibillion-dollar crypto reserve plan.
Faraday Future Intelligent Electric (FFAI) saw a brief spike as the markets opened on Monday, but eventually closed the trading session at $2.58, losing a week of gains, according to Google Finance.
It came the day after the company revealed its intention to eventually buy “tens of billions” worth of crypto after buying $30 million worth of crypto for its strategic reserve.
