"In one of several depositions filed this week, a former principal at AFV Partners, Ryan Aprill, who is one of two plaintiffs in the case, asserts that he and Aquila had a phone call on Aug. 4, 2019, in which they discussed Alice Walton's backing of AFV Partners. 'I needed to ensure that we had a minimum funding level to support that salary,' Aprill said in the deposition testimony, in reference to his minimum base salary they were allegedly discussing at the time."
"Walton, who inherited tens of billions worth of Walmart shares after the passing of Sam Walton, collectively with her two brothers holds approximately 48% of voting shares at Walmart, according to Walmart disclosures. Aquila's private equity firm owns an approximate 19% stake in Canoo, according to recent public filings."
Walmart provided financial support to Canoo during a cash crisis, including a direct investment and a contract for vehicle purchases. Alice Walton, a major Walmart shareholder, has connections to Canoo's CEO, Tony Aquila, through his private equity firm, AFV Partners. Court documents reveal discussions about Walton's backing of AFV Partners, indicating her influence in funding. While it remains uncertain if Walton directly invested in Canoo, her financial involvement with Aquila's firm is established, highlighting the intertwined interests of both parties.
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