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LeEco Faces Cash Crunch

Vizio’s new owner LeEco, the Chinese maker of cars, TVs, smartphones and a streaming service that connects them, is overextended and running short of cash, chairman Jia Yeuting conceded in a lengthy letter to employees.

“The billionaire chairman of China’s LeEco has admitted his technology empire is running out of cash to sustain a headlong rush into businesses from electric cars to smartphones. In a lengthy letter to employees, company co-founder Jia Yueting apologized to shareholders and pledged to slash his income to 1 yuan (15 cents), slow LeEco’s madcap pace of expansion, and move the company toward a more moderate phase of growth.”

Read More at Bloomberg