So he bankrupt the company by flying too much? Isn’t that just embezzlement?
Canoo spent double its annual revenue on the CEO’s private jet in 2023
Submitted 1 year ago by Potatos_are_not_friends@lemmy.world to workreform@lemmy.world
Comments
Jake_Farm@sopuli.xyz 1 year ago
ThirdWorldOrder@lemm.ee 1 year 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.
lanolinoil@lemmy.world 1 year ago
I’ll take evil shit AT&T does for 2000
Blackmist@feddit.uk 1 year ago
Tech companies grifting? Say it ain’t so!
vinceman@lemmy.blahaj.zone 1 year 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.
Fredselfish@lemmy.world 1 year ago
Oklahoma was supposed to have plant to build these haven’t heard anything since. That was 2 years ago.
KingThrillgore@lemmy.ml 1 year ago
Now this is just straight up fraud
mPony@lemmy.world 1 year ago
now now, it might be slightly curved fraud
Nfamwap@lemmy.world 1 year ago
It’s as bent as a 3-speed walking stick
casmael@lemm.ee 1 year ago
That’s uhhhh not a good look bud
AbsurdityAccelerator@lemmy.world 1 year 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.
Obi@sopuli.xyz 1 year 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.
LesserAbe@lemmy.world 1 year 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.
Windex007@lemmy.world 1 year ago
In 2022 their revenue was 0 so by my math the private jet was infinity times revenue.
lanolinoil@lemmy.world 1 year ago
err can’t divide by 0
invertedspear@lemm.ee 1 year 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.
NoSpiritAnimal@lemmy.world 1 year ago
sabreW4K3@lazysoci.al 1 year ago
I’m a little annoyed by this as I was really looking forward to what Arrival could bring to the EV space.
Potatos_are_not_friends@lemmy.world 1 year ago
In other words, he uses company profit to pay his private company to pay for his rides.
Kraven_the_Hunter@lemmy.dbzer0.com 1 year ago
Well, he uses company revenue anyway. There may not be any profits to dip into, which makes this even worse.
some_guy@lemmy.sdf.org 1 year ago
Hey, if a ceo was meant to drive, we wouldn’t have invented planes.
partial_accumen@lemmy.world 1 year ago
Canoo is publicly traded, isn’t it? Wouldn’t this raise questions of breech of fiduciary responsibility?