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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

#131

Post by spiderfarmer »

lnxg33k1 wrote: post #102
blackhawkC17 wrote: post #26

If 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…

Its concerning the conflict of interest, it can be crystal clear as going to make public pay for playing at your own golf court, but to be is baffling just how public populace is constantly scrutinised for ethics but seem that the rich can crap all over the world and no one cares

Problem is that a large part of the population is practically worshipping people who are / seem rich. Every questionable thing they do is explained away.

"It's just smart business!"

"People are jealous because they didn't think of this!"

"They're only coming after him because he's rich!"

"You would do this too if you were him!"

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

#133

Post by geon »

imtringued wrote: post #115
Solvency wrote: post #104

Earlier quoted context omitted.

Can someone explain why people try to make new cars from the ground up, rather than "fork" a base platform from GM/Toyota/KIA/whoever with a different design and little features? This happens in literally every other market and industry. hell, just look at PCs and laptops. Like why can't a Canoo or Rivian license a base EV platform and come up with their own chassis design, infotainment system, and other little thing…

VW does this internally. They own the VW, Seat and Skoda brand. The up!, Skoda City Go and Seat Mii are virtually identical.

They share tech between a TON of brands and models. https://en.m.wikipedia.org/wiki/Volkswagen_Group_MQB_platfor...

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

#134

Post by kingkawn »

lnxg33k1 wrote: post #102
blackhawkC17 wrote: post #26

If 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…

Its concerning the conflict of interest, it can be crystal clear as going to make public pay for playing at your own golf court, but to be is baffling just how public populace is constantly scrutinised for ethics but seem that the rich can crap all over the world and no one cares

It’s because we live in an uninterrupted feudal society that goes back millenia with only minor cosmetic changes to the system of governance in reaction to the periodic threat of revolution

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

#135

Post by yunohn »

spiderfarmer wrote: post #131
lnxg33k1 wrote: post #102

Earlier quoted context omitted.

Its concerning the conflict of interest, it can be crystal clear as going to make public pay for playing at your own golf court, but to be is baffling just how public populace is constantly scrutinised for ethics but seem that the rich can crap all over the world and no one cares

Problem is that a large part of the population is practically worshipping people who are / seem rich. Every questionable thing they do is explained away. "It's just smart business!" "People are jealous because they didn't think of this!" "They're only coming after him because he's rich!" "You would do this too if you were him!"

All such people hope that one day they can finish climbing the same ladder, and only after that, get to kick it out from underneath them. Crabs.

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

#136

Post by LastTrain »

dexterdog wrote: post #44
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.

I'm not fan of the guy by any measure, but how is this any different than the government paying to make any president's existing properties places where a president and his massive entourage can stay? It's been done by every president I can remember aside from maybe Clinton because I don't remember him having any significant places.

I'm not following. Do you think Obama and Bush were charging rent to the government for their personal residences or something? What other Presidents owned business entities that billed the government for services? It is mind boggling that the ethics of this need to be explained.

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

#137

Post by echoangle »

neom wrote: post #101
oytis wrote: post #86

Earlier quoted context omitted.

Still, why would you use a private jet if your company is not only not profitable, but also doesn't generate meaningful revenue? You're not spending money you've earned, you're spending borrowed money.

If his net worth is $400MM+, his insurance my very well require him to fly private.

Is that really a thing? Is private supposed to be more secure because of accidents or because of risk of kidnapping and assassinations? I don’t see a reason why private flights would be less accident-prone than public flights.

Edit: looks like private flights are actually much more dangerous than airlines, the insurance would probably prefer if you would fly public… (not my favorite source but the first thing I found: https://www.livescience.com/49701-private-planes-safety.html )

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

#138

Post by throwawaymaths »

blackhawkC17 wrote: post #26

If 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…

Nobody informed is claiming that it's illegal. Even if it's not financially the worst thing, it's a bad look. The CEO's image is important. Already the stock price has tanked likely in part from these revelations.

Obviously, too late for canoo, but if you're running a startup you can learn from his mistakes.

Honestly at this point the reputational damage is enough, that the CEO should probably resign, if for no other reason to boost market confidence in the company and raise the value of his own shares.

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

#140

Post by CognitiveLens »

rvnx wrote: post #51
efnx wrote: post #27

Earlier quoted context omitted.

And they say “if you don’t like it, leave!”. And so now we live in New Zealand.

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)

Earthquake risk is similar to California, with very low (but not zero) risk in many places, e.g. Auckland.

The food is generally excellent in urban areas - cafe culture rules for those who can afford it.

Main issue is cost of living - housing and food costs are kind of silly relative to average income.

Mosquitos are really not an issue - people up north might have a different experience, but from Auckland on down, no one needs screens.

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