Faraday Future's spin-off of Web3 company CXC10 approved by the board of directors
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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