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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

#91

Post by ryandrake »

pbhjpbhj wrote: post #82
ThrowawayR2 wrote: post #54

Earlier quoted context omitted.

This but unsarcastically. Linux Torvalds, Anders Hejlsberg, and other elite developers also operate under totally different rules than worker bees too. No, we're not on the same footing as a CEO candidate or 10x developer. Anyone who is sure as heck wouldn't be wasting their life collecting karma points on HN.

I suppose you believe all these billionaires are self-made and that having a handout of hundreds of thousands of dollars, and a network of very rich people you know to make investments, made no difference. 'Anyone can succeed through hard work'. The really rich CEOs collect imaginary karma points on X ...

A lot of bad in our society can be explained by the fact that a lot of people seriously believe that some people are inherently better than others, and deserve to be at the top of the hierarchy, to follow different rules, to get more than one vote, that they are "elite" and should therefore get better treatment. Egalitarianism is not a universally held doctrine.

I thought the downvotes were coming from people who didn't get my sarcasm, but it could also be that HN readers really believe that CEOs are inherently better people...

Re: Canoo spent double its annual revenue on the CEO's private jet

#92

Post by ein0p »

malfist wrote: post #88
ametrau wrote: post #76

Earlier quoted context omitted.

That’s the actual story. It’s a bit boring though. The rest is bs clickbait.

A bit boring? Seems like straight up embezzlement.

It’s only embezzlement if board/investors didn’t know. This definitely is something the board would have to approve. As a former exec though I think it’s distasteful to require such things before significant profitability. Business class is fine. Pre-revenue, coach is fine too.

Re: Canoo spent double its annual revenue on the CEO's private jet

#93

Post by gruturo »

diggan wrote: post #7

> 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.…

If he actually uses the jet for Canoo-related business, this is not unreasonable.

Assuming those trips may eventually lead to business deals, and that the amounts reimbursed are in line with free market prices, it is advantageous to Canoo.

Their CEO could be x% "more effective" (I know how abstract that sounds), ultimately benefiting the company, and maybe they even got a good deal ("hey, I own a jet, and it has to fly at least 200 times per year to cover its maintenance costs. If you allow me to use it for Canoo-related trips, which are anyway needed, and reimburse me, I'll charge you less than what netjets wold cost us. Deal? Y/N")

The real world tends to be more nuanced, but in principle it stands, at least until proven guilty/shady.

Re: Canoo spent double its annual revenue on the CEO's private jet

#94

Post by passion__desire »

lenerdenator wrote: post #12

I'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.

Consumption needs to happen somewhere so why not create sinks (ceos) so that our work (source) ends up serving the rich.

Re: Canoo spent double its annual revenue on the CEO's private jet

#95

Post by ifyoubuildit »

bevekspldnw wrote: post #57
Workaccount2 wrote: post #20

Earlier quoted context omitted.

A former president only stayed at properties owned by his company, billing the government millions in extra overhead. His voters love him.

Regular reminder his voters are the minority and he’s never won a popular vote.

I have no interest in defending the man, but this argument triggers me. Do you also make sure to regularly remind people that those football players with Superbowl rings never won the world series?

Edit: the point is that the win condition is electoral votes. A rational actor will optimize for that, potentially at the expense of the popular vote even, and they will be more likely to win for it. In other words, don't have your quarterback spend his practice time in the batting cages if you want to win the super bowl.

Re: Canoo spent double its annual revenue on the CEO's private jet

#96

Post by GuB-42 »

dgrin91 wrote: post #36

The headline is relatively clickbait-y. Its double their revenue because their revenue is basically 0. Their actual expenses are hundreds of millions, of which this 1.7 million is a drop in the bucket. Once their upfront expenses are paid they will (presumably) be making hundreds of millions/billions in revenue, which means this 1.7m is not particularly important. You can talk about standard complaints of CEOs with p…

So, we can have both the standard complaints of CEOs with private jets and the standard complaints of companies spending way more than they earn.

Re: Canoo spent double its annual revenue on the CEO's private jet

#97

Post by dkjaudyeqooe »

calvinmorrison wrote: post #64
benjlcox wrote: post #46

Earlier quoted context omitted.

$1.7 million is 1-3 employees working to ship your product. When you're company is on the edge of collapse you should have your priorities straight. Diverting company resources to your own private jet is a preposterous use of resources and, imo, speaks volumes about where Canoo is headed.

1.7 million is 1-3 employees? Jesus this place is so out of touch. I've worked at places with annuals between 1 and 5 million and none of them had less than 10 people. most between 15-30

Out of touch with whom? Logically you're also out of touch with those you're talking about.

Different places/environments/skill levels have different costs, so what?

Re: Canoo spent double its annual revenue on the CEO's private jet

#98

Post by ThrowawayR2 »

pbhjpbhj wrote: post #82
ThrowawayR2 wrote: post #54

Earlier quoted context omitted.

This but unsarcastically. Linux Torvalds, Anders Hejlsberg, and other elite developers also operate under totally different rules than worker bees too. No, we're not on the same footing as a CEO candidate or 10x developer. Anyone who is sure as heck wouldn't be wasting their life collecting karma points on HN.

I suppose you believe all these billionaires are self-made and that having a handout of hundreds of thousands of dollars, and a network of very rich people you know to make investments, made no difference. 'Anyone can succeed through hard work'. The really rich CEOs collect imaginary karma points on X ...

I started my career alongside a variety of people who are now CEOs, VPs, distinguished engineers, CTOs, etc. and had a chance to observe them as they rose far, far above me. Luck played a factor in their rise, sure, but so did talent and an immense level of drive; their titles are ones they earned.

Re: Canoo spent double its annual revenue on the CEO's private jet

#99

Post by throwawaymaths »

dgrin91 wrote: post #36

The headline is relatively clickbait-y. Its double their revenue because their revenue is basically 0. Their actual expenses are hundreds of millions, of which this 1.7 million is a drop in the bucket. Once their upfront expenses are paid they will (presumably) be making hundreds of millions/billions in revenue, which means this 1.7m is not particularly important. You can talk about standard complaints of CEOs with p…

If you're an already rich CEO that takes over a pre-revenue startup, either pay for jets out of your own pocket or fly coach.

Definitely don't subcontract your own family's (edit: your own) "services company".

Re: Canoo spent double its annual revenue on the CEO's private jet

#100

Post by diggan »

wsc981 wrote: post #87
rvnx wrote: post #51

Earlier quoted context omitted.

How is it there ? Are earthquake and food (and mosquitoes in the bushes) as bad as the rumours say ? (serious question about the first 2)

[flagged]

> The whole COVID handling of New Zealand, Australia and Canada proved to me I wouldn't want to live in any of those countries.

What countries are you now curious to live in, after seeing how they handled COVID?

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