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Chinese billionaire cuts salary to one yuan amid cash crunch

LeEco chairman admits his technology empire is running out of cash to sustain headlong rush into other businesses

Published Tue, Nov 8, 2016 · 09:50 PM
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Hong Kong

THE billionaire chairman of China's LeEco has admitted that his technology empire is running out of cash to sustain a headlong rush into businesses from electric cars to smartphones.

In a lengthy letter to employees, company co-founder Jia Yueting apologised to shareholders and pledged to slash his income to one yuan (20 Singapore cents), slow LeEco's madcap pace of expansion, and move the company towards a more moderate phase of growth.

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