Silicon Beach Report Dec. 29: Faraday Future CEO Ding Lei Steps Down


Faraday Future Chief Executive Ding Lei steps down, Hulu signs 50 Disney movies, and Snap Inc. to compare itself to Facebook on IPO roadshow.

Faraday Future CEO Ding Lei Steps Down

Faraday Future’s Global Chief Executive Ding Lei has reportedly stepped aside from leading the electric car manufacturer, following a string of negative reports, including the stoppage of construction at its Nevada factory due to a cash shortage, and an exodus of senior executives, reports the Business Journal. Lei was never publicly named as Faraday Future’s chief executive, though several employees at the firm told the Business Journal in January that he was the de facto leader.

Hulu Signs 50 Disney Movies

Online streaming platform Hulu has signed a deal with Walt Disney Co. to license 50 animated and live-action movies, reports USA Today. The multi-year deal makes Hulu the only subscription streaming video service able to offer the collection, which includes films such as “The Nightmare Before Christmas,” “Air Bud,” and “Sister Act.”

Snap Inc. to Compare Itself to Facebook on IPO Roadshow

Snap Inc. is planning to compare itself to Facebook while meeting with potential investors in its initial public offering, reports Wall Street Journal. The company’s IPO bankers and executives are also planning to portray its chief executive, Evan Spiegel, as a visionary who knows how to create products for his coveted millennial peer group, akin to Mark Zuckerberg.

Send tips on L.A. tech companies and startups to reporter Garrett Reim via [email protected]. Follow @garrettreim on Twitter for the latest in L.A. tech news.

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