I slightly mis-read the headline. Here's what's going on:
>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.
CEO owns a plane. CEO uses the plane (for business, one presumes). Business reimburses CEO for plane. That looks like a poor use of funds, but not necessarily self-dealing?
I mean, in their position he should probably be flying coach - maybe he's so good that he's totally worth spending seven figures for his travel (though I doubt it) - but it's technically no different than reimbursing any other travel expense.
Better system: they could reimburse the minimum airfare, and he could cover the difference himself. Everyone has that figured out for us peons, when we request a more convenient flight. (Want to bet they imposed that on their employees?)
>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.
CEO owns a plane. CEO uses the plane (for business, one presumes). Business reimburses CEO for plane. That looks like a poor use of funds, but not necessarily self-dealing?
I mean, in their position he should probably be flying coach - maybe he's so good that he's totally worth spending seven figures for his travel (though I doubt it) - but it's technically no different than reimbursing any other travel expense.
Better system: they could reimburse the minimum airfare, and he could cover the difference himself. Everyone has that figured out for us peons, when we request a more convenient flight. (Want to bet they imposed that on their employees?)