According to ChainCatcher, market sources report that Faraday Future founder and Global Co-CEO Jia Yueting has released a performance update, disclosing that the company has officially launched a plan to spin off its crypto flywheel, and will soon move forward with the establishment of a second independently listed Web3 company, "CXC10". The initial goal is for Faraday Future to hold a controlling stake, and the spin-off plan has already been approved by the board of directors.
In addition, Faraday Future also disclosed that its crypto treasury, C10 Treasury, has now completed approximately $10 million in crypto asset allocation.