(Reuters) - Faraday Future founder and Chief Executive Officer Jia Yueting has filed for bankruptcy in the United States and plans to turn over his stake in the Chinese electric vehicle firm to repay his personal debts, the company said.

Yueting’s plan will not affect Faraday Future’s business operations, said the company, which has ambitions to overtake Tesla Inc.

Faraday Future added that CEO Yueting will focus on its U.S.-China dual home market strategy and help prepare for an IPO.

Yueting’s personal net debt is around $2 billion, according to the company.