• @Potatos_are_not_friendsOP
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    22 days ago

    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 — 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.

    In other words, he uses company profit to pay his own private company to pay for his rides.

    • @[email protected]
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      2822 days ago

      Well, he uses company revenue anyway. There may not be any profits to dip into, which makes this even worse.

    • partial_accumen
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      1722 days ago

      Canoo is publicly traded, isn’t it? Wouldn’t this raise questions of breech of fiduciary responsibility?

  • Jake Farm
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    3522 days ago

    So he bankrupt the company by flying too much? Isn’t that just embezzlement?

  • VinceUnderReview
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    1622 days ago

    God I hate Canoo. I was so into the design the first time I saw a photo, and it’s felt like vaporware ever since. Always seems to be 6 months from delivering something, some new deal signed with Walmart getting publicity and stuff like that without anything to show for it.

    • @Fredselfish
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      522 days ago

      Oklahoma was supposed to have plant to build these haven’t heard anything since. That was 2 years ago.

  • @LesserAbe
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    1122 days ago

    I doubt the guy needs a private jet, but the company only made like $800k last year, the rest of the company’s expenses were like $250 mil. For a startup I would guess they’d argue they’re in the pre revenue phase.

    • @Windex007
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      522 days ago

      In 2022 their revenue was 0 so by my math the private jet was infinity times revenue.

  • AbsurdityAccelerator
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    1022 days ago

    Why the hell did I listen to some rando on Wallstreetbets and bought that stock I will never know. I refuse to sell it though since it’s a good reminder to not get sucked into that again.

    • @[email protected]
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      221 days ago

      I did that with a weed-adjacent stock I got some years ago for fun, it went all the way to 0 I never sold it to keep it as a reminder not to be a dumbass and treat stocks like the casino. Now it’s gone though it got re-incorporated and I guess now they’re gone. These days it’s VWCE and chill for me.

    • @mPony
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      221 days ago

      now now, it might be slightly curved fraud

      • Nfamwap
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        221 days ago

        It’s as bent as a 3-speed walking stick

  • @[email protected]
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    922 days ago

    Canoo has revenue? They’re not selling cars yet. Probably ought to be better with the runway cash but pretty much all their expenses are going to exceed their revenues to they’re making cars.

  • @[email protected]
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    422 days ago

    I’m a little annoyed by this as I was really looking forward to what Arrival could bring to the EV space.