$Faraday Future Intelligent Electric Inc. (FFIE.US)$'s stock surged over 70% in trading on Wednesday. Jia Yueting, founder and chief product and user ecosystem officer of Faraday Future, previously stated that FFIE planned to work more closely with Middle Eastern partners to enhance future cooperation. He said on Weibo that he was honored to meet Sheikh Abdullah bin Mohammed Al Qassimi, CEO of Middle East partner Master Investment Group and a member of the UAE royal family, at the company's headquarters in Los Angeles. He also mentioned that he and FF CEO Matthias, together with Sheikh Abdullah, led the FF team in a strategic meeting to develop a plan aimed at enhancing their collaboration going forward.
Recently, the board of directors at Faraday Future has proposed a reverse stock split to increase the company's stock price and reduce the risk of being delisted from Nasdaq.
