Faraday Future Stock Soars Over 4,100%, 2000% in 24 Hours Amid CEO's $10M Purchase

Faraday Future Intelligent Electric Inc. (FFIE) has witnessed a dramatic surge in its stock price, rising over 4,100% this week. The stock, which was trading at $0.04 earlier, reached $1.96 in after-hours trading. This spike follows the company's CEO purchasing $10 million worth of shares, leading to a 3,700% increase in call buying and a 2000% rise within 24 hours. Despite being a penny stock with a 95% short float, FFIE's market cap has grown from $10 million to $92 million in a matter of days. The company's stock performance has drawn comparisons to meme stocks like GameStop (GME) and AMC Entertainment (AMC), making small caps seem great again. However, concerns remain as the company was previously considered a bankruptcy candidate, is now facing potential delisting, and has been described as the 'wild west' of the stock market.