What They Say
LeEco, a name now associated in China with video streaming, changed its app icon to show that ‘it owes 12.2 billion yuan’ ($1.9 billion) in a move that is said to be an attempt to show ‘self deprecating humour’.
The Caixin said that other brands had changed their logos to point out their generosity in ‘red envelope wars’.
“LeEco still exists?” was one popular comment.
What We Think
Back in the teens of the last decade, LeEco was an up-and-coming TV brand and at one point it was expecting to be able to acquire Vizio to develop its US business. However, it all went horribly wrong and shareholders have wanted the founder to put money into the firm from his other ventures, including Faraday Future. (LeEco Still Struggling to Survive)
Wikipedia reports that In October 14, 2019, he filed for bankruptcy with a personal debt of over $3.6 billion and in May 2011, his personal affairs were put into chapter 11 in California. (BR)
