Wolfpack goes short Faraday Future, calls ‘house of cards’

Wolfpack Research published a short report on Faraday Future (FFAI), calling the company a “house of cards.” The company’s CEO Jia Yueting “inflated” the stock price by announcing a new electric vehicle minivan with 10,000 preorders, but Wolfe’s research “shows that this is nearly all fake news.” The minivan is a Chinese vehicle with Faraday’s logo swapped in and all preorders are non-binding, according the short seller. Shares of Faraday Future are up 2% to $1.71 in morning trading.