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Tony 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.
Any guess how much of that money actually went into operating the aircraft, and how much was skimmed by the CEO? Madness either way, but we can't have it filed under the wrong kind of madness, right?
I 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 pr…
I'd absolutely be willing to bet the deal that regular employees get is worse-than-or-equal-to what you described. Most companies I have worked for do not even let you choose. If you are doing business travel, you use the company's preferred travel agency, and fly on the flight you're given, even if you could independently find a business-class flight just as cheap.
Tony 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, shoot. I thought the truck looked really cool.
You can talk about standard complaints of CEOs with private jets, and I'd probably agree with you here, but there isn't anything particularly egregious here.
> 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.
> Under a deal reached in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO, for use of an aircraft. Any guess how much of that money actually went into operating the aircraft, and how much was skimmed by the CEO? Madness either way, but we can't have it filed under the wrong kind of madness, right?
Earlier quoted context omitted.
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.
You can make other choices.