Wheels Up is a private aviation company that has fallen on difficult financial times. The company, which enables customers to prepurchase business aircraft flights, also has an arrangement with Delta through which those private flight deposits can be turned into Delta tickets. Wheels Up and Delta – Tough Decisions Ahead.
as the potential Airbnb or Uber of aviation, aiming to make private flying more affordable and easier to book. The company had a high-profile founder and CEO, Kenny Dichter. They produced high-profile marketing campaigns featuring Tom Brady and Serena Williams as brand ambassadors. The company, which operates Beechcraft King Air and Cessna Citation jets, went public in 2021 and traded at $11 per share before falling to about 40 cents today. The business model doesn’t seem to be working as projected.
The first quarter of 2023 performance was not good, with year-over-year losses widening by $12 million to a quarterly loss of $101 million after a 2022 annual loss of $555 million. Founder and CEO Kenny Dichter has stepped down, with current CFO Todd Smith becoming interim CEO and Ravi Thakran becoming Executive Chairman of the Board.
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