Fisker Co-Founders Reduce Salaries to $1 Amid Bankruptcy

Henrik Fisker, CEO of Fisker Inc., and his wife, Geeta Gupta-Fisker, CFO, have voluntarily reduced their annual salary to $1 as part of cost-cutting measures to cover bankruptcy costs following the company's Chapter 11 filing. This decision was made to fund the bankruptcy process and aid in selling off the remaining inventory of electric vehicles. The couple, who received minimum-wage salaries of $62,400 each in 2022 along with $710,000 bonuses, are also deferring various payments like severance and healthcare benefits. Fisker Inc. is seeking court approval to sell its unsold Ocean SUVs to American Lease, facing challenges like a stop-sale notice due to a water pump issue. The company's workforce has significantly decreased with most employees being paid through government insolvency support amidst the bankruptcy proceedings.