Tucked inside Canoo's 2023 earnings report is a nugget regarding the use of CEO Tony Aquila's private jet — just one of many expenses that illustrates the
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.
In other words, he uses company profit to pay his own private company to pay for his rides.
Well, he uses company revenue anyway. There may not be any profits to dip into, which makes this even worse.
Hey, if a ceo was meant to drive, we wouldn’t have invented planes.
Canoo is publicly traded, isn’t it? Wouldn’t this raise questions of breech of fiduciary responsibility?