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Faraday Future Shares Surge 4,100% This Week, Reach $1.50 Amid Delisting Concerns

May 16, 2024, 02:02 PM

Shares of Faraday Future Intelligent Electric Inc. (FFIE) have surged dramatically, experiencing a 4,100% increase this week. The stock, which was trading at $0.04, has now reached $1.50, marking a 3,600% return. This surge follows the purchase of $10 million worth of shares by the company's CEO, who was previously thought to be leading a company on the brink of bankruptcy. The CEO's investment has significantly boosted market confidence, resulting in a massive spike in call buying and short covering. FFIE saw a 367.54% gain on one day and a 3,700% spike in call buying, with the stock up almost 2000% within 24 hours. Despite the impressive gains, there are concerns about the stock being delisted.