For six years, Chinese billionaire Jia Yueting shrugged off skeptics as he pursued his vision of a business that could challenge Apple, Netflix, Amazon.com and Tesla Motors all at once. In a 5,500-word letter, Jia said the company expanded too quickly and faces a cash crunch, The Wall Street Journal reports. “As we sped ahead blindfolded, and expanded our business by burning cash, we got overstretched in our global strategy,” he wrote. Only one of LeEco’s business units -the Shenzhen-listed Leshi Internet Information & Technology Corp., which runs its video site – is profitable, according to the company. Leshi shares slid nearly 5% after Mr. Jia’s letter, but steadied for the remainder of the week to close at 38.38 yuan, still 35% lower than the start of the year.
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