logo
Share

Homepage

News

Faraday Future’s stock plunges, registering its largest-ever daily decline

Faraday Future’s stock plunges, registering its largest-ever daily decline

17 tháng 7 2024・ 16:45

That marked Faraday Future’s largest single-day decline on record, based on available data going back to Aug. 28, 2020, according to Dow Jones Market Data. The stock, which ended the session at 44 cents, also registered its lowest close since May 14, when it closed at 29 cents.

BB1nfYF4.jfif

Shares were weighed down by Faraday Future’s full-year results late Tuesday. The EV startup reported full-year revenue of $800,000, compared with no revenue in 2022, and a loss of $432 million, compared with a $602 million loss for 2022.

Shares were weighed down by Faraday Future’s full-year results late Tuesday. The EV startup reported full-year revenue of $800,000, compared with no revenue in 2022, and a loss of $432 million, compared with a $602 million loss for 2022.

The company’s stock went stratospheric on no news earlier this month amid the recent meme-stock rally. The EV startup’s shares surged to extraordinary levels, closing up 367.5% on May 14 and registering gains of 147.2% and 134% on May 15 and May 16, respectively. 

In February, Faraday Future announced a reverse stock split and an updated plan for growth in 2024. But in April, the startup said that it had received a Nasdaq delisting determination letter, because its stock had a closing bid price of 10 cents or less for 10 consecutive trading days. Faraday Future said it is appealing the delisting determination.

Faraday Future shares are down 35.9% in 2024, compared with the S&P 500 index’s gain of 10.4%.

Infofinance.com disclaimer:

All information on our website is for general reference only, investors need to consider and take responsibility for all their investment actions. Info Finance is not responsible for any actions of investors.
logo
InfoFinance do not provide investment advice. Please note that by investing in and/or trading financial instruments, commodities and any other assets, you are taking a high degree of risk and you can lose all your deposited money. You should engage in any such activity only if you are fully aware of the relevant risks
🏠 Contact address

1 Street 10, Thao Dien Ward, District 2, Ho Chi Minh City

🤝 Contact for cooperation
📞 Hotline