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Canoo spent double its annual revenue on the CEO's private jet
21–30 of 270 posts
Re: Canoo spent double its annual revenue on the CEO's private jet
#22End of ZIRP was supposed to deal with shit like this. Looks like money is still too cheap. I've seen people saying rates are going higher from here back in 2022. While this isn't my base case, it certainly isn't impossible.
Rates should go to 15% without bailouts. Anyone who survives that deserves all of the rewards.
That may not include the US Treasury.
Re: Canoo spent double its annual revenue on the CEO's private jet
#23It’s OK because Elon uses a private jet and look at Tesla!
Corporate cargo culting.
I worked for a company under a big corporate. Or they thought they were. Lots of Big Business Talk, earnest Reports (not sure if they were TPS but they might as well have been) and lots of Management Structuring, no actual products except for things already made by acquisitions. It reminded me strongly of the Mattel boardroom in Barbie.
Re: Canoo spent double its annual revenue on the CEO's private jet
#24I slightly mis-read the headline. Here's what's going on:
>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.
CEO owns a plane. CEO uses the plane (for business, one presumes). Business reimburses CEO for plane. That looks like a poor use of funds, but not necessarily self-dealing?
I mean, in their position he should probably be flying coach - maybe he's so good that he's totally worth spending seven figures for his travel (though I doubt it) - but it's technically no different than reimbursing any other travel expense.
Better system: they could reimburse the minimum airfare, and he could cover the difference himself. Everyone has that figured out for us peons, when we request a more convenient flight. (Want to bet they imposed that on their employees?)
Re: Canoo spent double its annual revenue on the CEO's private jet
#25Tony Aquila is the CEO of both companies - Canoo and Aquila Family Ventures. I'll never understand why it's okay for CEOs to have multiple concurrent jobs, while one of the biggest fervors of the pandemic was when employees were found to have... multiple concurrent jobs.
Re: Canoo spent double its annual revenue on the CEO's private jet
#26If the reimbursements were solely for corporate travel, it might not be a concern.
The CEO here sold his previous company for $6.5 billion [1], so he already owned the jet before starting Canoo. The company reimburses him for corporate travel on it.
What's concerning is that Canoo is stacking big losses and living on the edge...it seems like excessive spending for a company that hasn't even made a dime of profit.
But hold on, this same CEO has spent over $230 million(!) buying Canoo stock from his personal funds [2], so he is significantly in the red no matter how much he gets reimbursed for air travel.
Always dig into the details and avoid getting suckered by clickbait...
Re: Canoo spent double its annual revenue on the CEO's private jet
#27> 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.
And they say “if you don’t like it, leave!”. And so now we live in New Zealand.
Re: Canoo spent double its annual revenue on the CEO's private jet
#28Tony Aquila is the CEO of both companies - Canoo and Aquila Family Ventures. I'll never understand why it's okay for CEOs to have multiple concurrent jobs, while one of the biggest fervors of the pandemic was when employees were found to have... multiple concurrent jobs.
Well, they are CEOs, and are therefore better people than the rest of us workerbees and get to operate under totally different rules.
Re: Canoo spent double its annual revenue on the CEO's private jet
#29> 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.
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Re: Canoo spent double its annual revenue on the CEO's private jet
#30> 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.
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