Faraday Future Intelligent Electric Inc (NASDAQ:FFAI) shares closed Monday up 24.76% to $1.31 after the company on Sunday said it received support from California political leaders during its Faraday Future Stockholder Community and FX Co-Creation Day event in Los Angeles.

What To Know: Former California State Assembly Speaker Anthony Rendon and Hanford Mayor Lou Martinez, whose city hosts Faraday Future's manufacturing facility, offered congratulatory remarks to YT Jia on his appointment as co-CEO. Both leaders expressed their support for the company during its current transformation period.

Faraday Future, a California-based electric mobility company, also highlighted its Bridge Strategy and its FX brand during the event. Company executives and government officials shared updates on Faraday Future's operations, strategy and future aspirations.

The company’s newly appointed co-CEO also outlined key business initiatives aimed at accelerating the company's growth and innovation efforts.

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How To Buy FFAI Stock

By now you're likely curious about how to participate in the market for Faraday Future — be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.

In the case of Faraday Future, which traded at $1.28 at the time of writing, $100 would buy you 78.12 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading — either way it allows you to profit off the share price decline.

According to data from Benzinga Pro, Faraday Future has a 52-week high of $156 and a 52-week low of 83 cents.

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Photo: T. Schneider via Shuterstock