It’s OK because Elon uses a private jet and look at Tesla!
Corporate cargo culting.
Canoo spent double its annual revenue on the CEO's private jet
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Re: Canoo spent double its annual revenue on the CEO's private jet
#12I'm beginning to think the vast majority of corporate governance is a facade and that this is just a way to blow millions of dollars with no real accountability.
Re: Canoo spent double its annual revenue on the CEO's private jet
#13> Under a deal reached in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO (Tony Aquila), 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. I'm surprised there are any employees left at the company.…
> I'll be long gone.
Or maybe it's a case of "time to renegotiate my salary with that in mind". ;)
Re: Canoo spent double its annual revenue on the CEO's private jet
#14[dead]
Re: Canoo spent double its annual revenue on the CEO's private jet
#15> Under a deal reached in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO (Tony Aquila), 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. I'm surprised there are any employees left at the company.…
Wework vibes
Re: Canoo spent double its annual revenue on the CEO's private jet
#16It’s OK because Elon uses a private jet and look at Tesla!
Give it a few years and Elon may actually be able to use Starships for travelling around.
Not sure how that'll look on the financial statements. ;)
Re: Canoo spent double its annual revenue on the CEO's private jet
#17[deleted]
Re: Canoo spent double its annual revenue on the CEO's private jet
#18I also love when startups brag about headcount. You know what's impressive? Revenue, followed by profit, and also profit per employee . Having 500 people and no revenue leads to the graveyard.
No, it leads to layoffs, a statement about "optimizing operational costs", and a bump in valuation in today's weird market.
The market isn't weird; it's working exactly as intended: Do whatever it takes to make the number at the bottom of the page bigger than what people predicted it would be at the start of the quarter. If that means screwing some people's career trajectories, do it. If it means parting out divisions of the company that had strategic value, do it. If it means allegedly murdering a whistleblower, do it.
Re: Canoo spent double its annual revenue on the CEO's private jet
#19Wow, it’s bad enough if they were NetJet fees. This is WeWork level sketch: “ Canoo reimburses Aquila Family Ventures, an entity owned by the CEO, for use of an aircraft” This is a PUBLIC company??
Such deals are reasonable under some circumstances. For example, Tesla pays SpaceX for Musk's travels on the SpaceX jet (whenever he travels for Tesla-related business).
But definitely not for a company with just a few $100k in annual revenue that's teetering on bankruptcy. Not surprised it's a SPAC stock...
Edit: Upon digging; I discovered that this CEO has invested $230 million+ in Canoo (from personal funds he made selling his previous company)...this article is almost a nothing burger.
Re: Canoo spent double its annual revenue on the CEO's private jet
#20> Under a deal reached in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO (Tony Aquila), 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. I'm surprised there are any employees left at the company.…
A former president only stayed at properties owned by his company, billing the government millions in extra overhead.
His voters love him.