At the CES technology trade show in Las Vegas in 2022, Canoo unveiled a prototype of an electric vehicle. However, the company’s CEO, Tony Aquila, has been under scrutiny for his spending on private jets, which has raised concerns among investors. In 2021 alone, Canoo spent $1.7 million on its CEO’s private jet travels – twice its projected revenue for 2023.
Canoo’s financial difficulties have been mounting over the years as it struggles to keep up with slowing demand and increased competition in the industry. The company lost $302 million last year and reported revenue of only $886,000. Despite this, CEO Aquila was reimbursed for his business expenses, including air travel expenses.
Canoo is not the first company to face criticism for its excessive use of private jets by top executives. In recent years, companies like WeWork and General Electric have also faced similar scrutiny. However, Canoo’s spending on private jets is just one aspect of the challenges it is currently facing in a competitive and demanding industry.
Investors are closely watching Canoo’s every move and are particularly concerned about its spending habits. After a wave of executive departures in 2022, the company’s stock fell by 26%, following the release of its earnings report. As such, it remains to be seen whether Canoo will be able to overcome these challenges and turn around its financial fortunes in time.
Overall, while Canoo may have showcased a prototype at CES 2022, its financial challenges remain significant and will continue to impact its operations moving forward.
