The billionaire CEO of a hugely ambitious Chinese tech company has vowed to cut his annual salary to just 15 cents after acknowledging the business is running low on cash.
“No company has had such an experience of being caught in both ice and fire,” CEO Jia Yueting wrote in a long, flowery memo to employees this week.
“We blindly sped ahead, overextended our global strategy and spent recklessly on expanding our business scale when our capital and resources were in fact limited.”