A skyrocketing tech firm set out to change the world. Its failure has changed China

by Dramelin 5:00 PM 0 comments

Jia Yueting, the 44-year-old founder of Chinese tech company LeEco, once envisioned building a Chinese empire that would rival U.
tech giants Netflix, Tesla and Apple all together.
With that vision, Jia quickly expanded his company from a video streaming portal to a multinational conglomerate, or a "sharing ecosystem" as he called, selling products from televisions to cloud computing; from smartphones to electric vehicles.
In January 2016, the company rebranded itself from LeTV to LeEco — short for Le Ecosystem — in order to reflect the founder`s global ambition.
It hasn`t worked, and instead it turned into a multibillion-dollar quagmire that has rippled through the halls of Chinese power.