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Leshi Internet Information and Technology, also known as LeEco (formerly Letv), is a Chinese technology company, and one of the largest online video companies in China. It is headquartered in Chaoyang District, Beijing. Founded in November 2004 by Jia Yueting, LeEco Group is building a "Le Ecosystem", an online platform with content, devices and applications. LeEco is engaged in a myriad of businesses, spanning from Internet TV, video production and distribution, smart gadgets and large-screen applications to e-commerce, eco-agriculture, and Internet-linked electric cars, which were announced in late 2014. It has launched six smartphones under its Le brand – the Le 1, Le 1 Pro, Le Max,Le 1s,Le 2 and Le Max 2. The four dual-SIM smartphones are claimed to be the first in the world to come with USB Type-C ports. LeEco Group also consists of the film production company called Le Vision Pictures. On 26 July 2016, LeEco announced acquisition of California-based consumer electronics manufacturer Vizio, Inc. for US$2 billion. As part of the definitive agreement, LeEco will acquire all of the Vizio hardware and software operations, technology and intellectual property. Vizio will operate as a wholly owned subsidiary of LeEco, while the Vizio data business, Inscape, will spin out and operate as a separate, privately owned company. The transaction is expected to close during the fourth quarter of 2016. The company has 5,000 employees, and is expanding to other countries, such as the United States and India. India became LeEco's first market outside of China. Billionaire CEO Jia Yueting announced in November 2016 stagnation and management problems in a letter to his employees. He plans to invest 10 million of dollars and to reduce by 15 cents his salary to allow the campany to extend in the United States.