Faraday Future Stock Plummets Following Announcement of Cryptocurrency Reserves

Shares of Faraday Future Intelligent Electric (FFAI) experienced a decline of nearly 7% on Monday, closing at $2.58 after the company released its second-quarter earnings report and unveiled a multibillion-dollar cryptocurrency strategy plan. This dip occurred despite initial excitement surrounding the company’s new digital asset initiative, which saw an uptick in price upon market opening.