Canoo’s CEO’s Jet Expenses Doubled Last Year Compared to Revenue

Canoo’s Private Jet Debacle: High-Flying Executives and Cash-Strapped Companies

In 2022, at the CES technology trade show in Las Vegas, Canoo showcased a prototype of an electric vehicle. Despite facing financial challenges, the company spent $1.7 million on CEO Tony Aquila’s private jet bills – twice its projected 2023 revenue. Canoo has been struggling in an industry with slowing demand and lost $302 million last year.

Investors are closely monitoring Canoo’s spending, particularly on private jets, when the company is facing financial difficulties. The CEO was reimbursed for his business expenses, including air travel expenses, which amounted to $1.7 million last year while reporting revenue of only $886,000. CEO Tony Aquila owns approximately 14% of the company and has been reimbursed for his business expenses since the company’s inception in 2017.

Canoo manufactures a variety of vehicles, including passenger vehicles, delivery vans for Walmart, and crew transport vehicles for NASA. Despite reporting an annual loss of $302 million in 2021 and struggling to increase production and manage cash flow, the company recently faced criticism over its use of private jets for executives. After a wave of executive departures in 2022, Canoo’s stock fell 26% following the release of its earnings report.

Canoo’s situation is not unique when it comes to scrutiny of spending on private jets. In recent years, companies like WeWork and General Electric have faced criticism for using private jets excessively for top executives. While private jets may provide convenience and comfort for executives traveling frequently or covering large distances quickly

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