Back in October of last year, LeEco officially started its expansion into the United States. Its bizarre launch event, consisting of a prop electric car and confusing talks of an ecosystem, left press and consumers alike scratching their heads. Just days after, the CEO admitted LeEco's rapid expansion wasn't working out, and two months later, matters only became worse.
Reuters reports that LeEco is trying to sell off its 49-acre Silicon Valley property, which was purchased less than a year ago from Yahoo. The move is, unsurprisingly, part of the company's larger cost-cutting initiative. At the company's US launch event in October, CEO Jia Yueting said the property "will be an EcoCity that houses 12,000 employees."
The report claims that LeEco is trying to sell the site to Chinese developer Genzon Group for $260 million, a $10 million increase from what LeEco paid for it. When Reuters requested a comment from LeEco, the response was, "We are not yet ready to share plans for the land as we are still in the initial planning phase."
It remains to be seen if LeEco can dig itself out of its own hole, but it is making progress - unfortunately in part thanks to massive layoffs. You can find the full report at the link below.