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Published on Oct 30, 2016
The
sharing economy has finally invaded private aviation. Wheels Up is
attempting to significantly reduce the cost of flying privately. They
have raised millions in funding from the likes of T. Rowe Price and
Fidelity so there's support for membership-based private aviation
service. And even though that membership costs $17,500 for the first
year and then $8,500 a year to renew, it now has over 2,100 members
since its launch in 2013. Those members are entitled to fly with 24-hour
advanced notice on the company's fleet of 40 King Air turboprops and 15
Citation Excels/XLS business jets. Founder and CEO Kenny Dichter wanted
to get more people access to private flights though. So they recently
launched 8760, a shared flights app, with an annual membership of $5,950
a year. So if you or your company are frequent fliers, it might be time
to join the sharing economy's friendly skies now too. TheStreet's
Special Correspondent Tracy Byrnes has details from Wall Street.
— Wheels Up (@WheelsUp) October 26, 2016
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