From CNET: "Who's LeEco?" you may be asking. You might still be asking after finding out it's predominantly a successful Chinese conglomerate which started out in online video distribution and expanded into India and Europe with phones. But if you watched the occasionally surreal press conference the company held at the end of October to announce its entry in the the US, you'd probably consider it the biggest company you never heard of: it announced plans for everything from phones to TVs(it bought Vizio in July) to a self-driving electric car to an online shopping hub (LeMall!) and video distribution service.
But in the wake of that hugely ambitious announcement, the company's CEO Jia Yueting sent a letter to its staff that basically said 'Ooops. We expanded too fast and we're short on capital,' according to the Chinese Global Times which claimed to have obtained the letter. It's not clear yet how the company will deal with the situation.
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