Troubled EV Startup CEO's Private Jet Expenses Swallow Twice The Company's Revenue
Portfolio Pulse from Benzinga Neuro
Canoo Inc. (NASDAQ:GOEV) spent over double its 2023 revenue on CEO Tony Aquila's private jet, totaling $1.7 million against a revenue of $886,000. Despite delivering 22 vehicles and reducing operating losses, Canoo's net annual losses were $302.6 million. The company also paid $1.7 million in 2023 for shared services at its Texas office. This spending raises concerns amid a widening wealth gap and discussions on the wealthy's societal responsibilities.
April 02, 2024 | 7:09 am
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Canoo Inc. spent more than double its 2023 revenue on CEO's private jet expenses, with significant net losses despite operational improvements.
The revelation of Canoo's disproportionate spending on CEO Tony Aquila's private jet, amounting to more than double the company's revenue, could negatively impact investor sentiment and stock price in the short term. This spending, coupled with the company's substantial net losses, may raise concerns about financial management and corporate governance, potentially leading to decreased investor confidence.
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