Faraday Future retreats 7% after sharing Q2 results, crypto plan

Despite the company posting a loss for the second quarter, the management remains optimistic for the second half of the year.

Shares in electric vehicle maker Faraday Future Intelligent Electric fell nearly 7% on Monday after the company filed its second-quarter earnings, which also came just a day after announcing a multibillion-dollar crypto reserve plan. 

Faraday Future Intelligent Electric (FFAI) saw a brief spike as the markets opened on Monday, but eventually closed the trading session at $2.58, losing a week of gains, according to Google Finance.

It comes the day after the company revealed its intention to eventually buy “tens of billions” worth of crypto after buying $30 million worth of crypto for its strategic reserve. 

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