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

Post by mlrtime » Wed, Apr 03, 2024, 12:23 PM UTC

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

Post by mlrtime » Wed, Apr 03, 2024, 12:26 PM UTC

dmoy wrote: post #118

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…

People do fork. Tesla's original was a fork of a Lotus. They got the whole chassis/etc from Lotus, dropped in their own drive train and other stuff. Other reply mentioned paccar. Idk why it doesn't happen more often. I suspect most manufacturers aren't willing to license like that.

Post by TRDRVR » Wed, Apr 03, 2024, 4:31 PM UTC

fnordpiglet wrote: post #231

TRDRVR wrote: post #217

Earlier quoted context omitted.

My friend, that is not how public companies work. Every common shareholder is an equal, you don't get to launder jet travel the way he's doing - that's securities fraud.

It’s actually not fraud because it’s happening in the open with board approval. And, no not every share holder is an equal. A share holders relevance is proportional to their voting power. While you can’t outright fleece a shareholder, it’s not the case that a single share held is worth the same as is given the same rights as someone holding 51% of all shares. At that point they effectively own the company. The compa…

Post by fnordpiglet » Wed, Apr 03, 2024, 4:57 PM UTC

TRDRVR wrote: post #265

fnordpiglet wrote: post #231

Earlier quoted context omitted.

It’s actually not fraud because it’s happening in the open with board approval. And, no not every share holder is an equal. A share holders relevance is proportional to their voting power. While you can’t outright fleece a shareholder, it’s not the case that a single share held is worth the same as is given the same rights as someone holding 51% of all shares. At that point they effectively own the company. The compa…

>He is effectively paying for these flights by buying Canoo stock. If a CEO is intentionally creating a situation to make a company unprofitable and paying it back by buying shares, that is 100% securities fraud and I'm stunned anyone disagreed with that assertion.

Post by TRDRVR » Wed, Apr 03, 2024, 6:22 PM UTC

tim333 wrote: post #257

TRDRVR wrote: post #163

Earlier quoted context omitted.

I think the real issue here is that a CEO who nobody has heard of and is doing a bad job running the company claims that he needs to fly private as a business expense. It's one think for Zuck or Tim Cook to claim that flying commercial would be dangerous and a waste of time, but the way that attitude has filtered down to very small companies is astounding (especially given the outsized negative impact private jet tra…

There's quite an interesting youtube interview / chat with him out recently 'Canoo Tony Aquila Fireside' Chat https://youtu.be/AlTG8S0F_fo It sounds like he's actually doing quite a good job as CEO. The vid from minute 3 to 7 gives much of his strategy and how he got into it. He was a billionaire investor with a background in car parts and servicing that looked at 12 or so EV companies to invest in and figured Canoo…