Canoo spent double its annual revenue on the CEO’s private jet in 2023

Comments

• Potatos_are_not_friends@lemmy.world ⁨8⁩ ⁨months⁩ ago

  Canoo reimburses Aquila Family Ventures, an entity owned by the CEO, for use of an aircraft. In 2023, Canoo spent $1.7 million on this reimbursement — that’s double the amount of revenue it generated. Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 for use of the aircraft.

  In other words, he uses company profit to pay his private company to pay for his rides.

  source

  • Kraven_the_Hunter@lemmy.dbzer0.com ⁨8⁩ ⁨months⁩ ago

    Well, he uses company revenue anyway. There may not be any profits to dip into, which makes this even worse.

    source

    • some_guy@lemmy.sdf.org ⁨8⁩ ⁨months⁩ ago

      Hey, if a ceo was meant to drive, we wouldn’t have invented planes.

      source
  • partial_accumen@lemmy.world ⁨8⁩ ⁨months⁩ ago

    Canoo is publicly traded, isn’t it? Wouldn’t this raise questions of breech of fiduciary responsibility?

    source
• Jake_Farm@sopuli.xyz ⁨8⁩ ⁨months⁩ ago

  So he bankrupt the company by flying too much? Isn’t that just embezzlement?

  source

  • ThirdWorldOrder@lemm.ee ⁨8⁩ ⁨months⁩ ago

    My dad was a C-suite at a major telecom company. The CEO also had a private plane that the company would then pay him to use lol. This was like 20 years ago and thought it was a bit shady back then.

    source

    • lanolinoil@lemmy.world ⁨8⁩ ⁨months⁩ ago

      I’ll take evil shit AT&T does for 2000

      source

      • -> View More Comments
• Blackmist@feddit.uk ⁨8⁩ ⁨months⁩ ago

  Tech companies grifting? Say it ain’t so!

  source
• vinceman@lemmy.blahaj.zone ⁨8⁩ ⁨months⁩ ago

  God I hate Canoo. I was so into the design the first time I saw a photo, and it’s felt like vaporware ever since. Always seems to be 6 months from delivering something, some new deal signed with Walmart getting publicity and stuff like that without anything to show for it.

  source

  • Fredselfish@lemmy.world ⁨8⁩ ⁨months⁩ ago

    Oklahoma was supposed to have plant to build these haven’t heard anything since. That was 2 years ago.

    source
• KingThrillgore@lemmy.ml ⁨8⁩ ⁨months⁩ ago

  Now this is just straight up fraud

  source

  • mPony@lemmy.world ⁨8⁩ ⁨months⁩ ago

    now now, it might be slightly curved fraud

    source

    • Nfamwap@lemmy.world ⁨8⁩ ⁨months⁩ ago

      It’s as bent as a 3-speed walking stick

      source
• casmael@lemm.ee ⁨8⁩ ⁨months⁩ ago

  That’s uhhhh not a good look bud

  source
• AbsurdityAccelerator@lemmy.world ⁨8⁩ ⁨months⁩ ago

  Why the hell did I listen to some rando on Wallstreetbets and bought that stock I will never know. I refuse to sell it though since it’s a good reminder to not get sucked into that again.

  source

  • Obi@sopuli.xyz ⁨8⁩ ⁨months⁩ ago

    I did that with a weed-adjacent stock I got some years ago for fun, it went all the way to 0 I never sold it to keep it as a reminder not to be a dumbass and treat stocks like the casino. Now it’s gone though it got re-incorporated and I guess now they’re gone. These days it’s VWCE and chill for me.

    source
• LesserAbe@lemmy.world ⁨8⁩ ⁨months⁩ ago

  I doubt the guy needs a private jet, but the company only made like $800k last year, the rest of the company’s expenses were like $250 mil. For a startup I would guess they’d argue they’re in the pre revenue phase.

  source

  • Windex007@lemmy.world ⁨8⁩ ⁨months⁩ ago

    In 2022 their revenue was 0 so by my math the private jet was infinity times revenue.

    source

    • lanolinoil@lemmy.world ⁨8⁩ ⁨months⁩ ago

      err can’t divide by 0

      source
• invertedspear@lemm.ee ⁨8⁩ ⁨months⁩ ago

  Canoo has revenue? They’re not selling cars yet. Probably ought to be better with the runway cash but pretty much all their expenses are going to exceed their revenues to they’re making cars.

  source
• NoSpiritAnimal@lemmy.world ⁨8⁩ ⁨months⁩ ago

  Well damn, I wanted a space van

  Image

  source
• sabreW4K3@lazysoci.al ⁨8⁩ ⁨months⁩ ago

  I’m a little annoyed by this as I was really looking forward to what Arrival could bring to the EV space.

  source