A company that held massive launches and big events to announce the smallest of products has recently launched the 4th gen televisions on Amazon without even an official announcement.
LeEco will be selling its Silicon Valley property less than a year after buying it - another sign that the Chinese tech conglomerate and its electric vehicle subsidiaries face an unstable financial future.
However, LeEco's downfall started when co-founder Jia Yueting admitted that the company was undergoing a major financial turmoil. Genzon did confirm to Reuters that it's been in talks to buy the site.
But less than a month prior to the letter, amid much fanfare at LeEco's official US launch at the Palace of Fine Arts in San Francisco, Jia had outlined plans to build its North America headquarters at the Silicon Valley site. In a statement to Reuters, LeEco-the Chinese company backing Faraday who controls the land in question-played coy and said it was looking for a "development partner" for the land.
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According to sources, the workforce of LeEco in the United States has been at least halved at its current office in Silicon Valley. In October, Jia said the US division employs "more than 500".
LeEco apparently expanded at a rapid rate past year and it seems that their rate of expansion has failed to match up with its revenue scale. Headcount reduction have also been seen in LeEco's various business units in its home country of China, with its India workforce also said to have been reduced by nearly 80 percent.
Jia in January said LeEco's financing problems would be solved in three to four months, before the firm got a much-needed capital injection of $2.2 billion from property developer Sunac China Holdings.
The expensive dream of developing luxury electric vehicles by LeEco uses Faraday Future technology, which is a startup in United States funded and controlled by Jia. That's a very capital-intensive business to be in, as analysts point out, and which LeEco continues to discover.
LeEco's flagship unit, Leshi Internet Information and Technology Corp Beijing, saw a plunging in their shares as well of about 25% over the period of five months.