Wheels up became the first publicly traded private jet company when they decided to launch an IPO via SPAC a year ago. The company decided to go public with the initial thought of a extreme growth due to the record demand of private travel and the hype of their big time celebrity ambassadors with the likes of top athletes, musicians, and chefs. Since then some have jumped ship like Tom Brady who has now been seen flying with Wheels Up competitor Flex Jets.
When Wheels Up stock first went public back in mid July of last year they launched with an all time high of $15 a share. Since then it has been all down hill for the Wheels Up team. The stock has continued to plummet and unfortunately never reach as high of levels since IPO day.Today on July 21st the stock currently ended the day at $2.27 a share which is not far above their all time low of $1.81. What is in store for the next year at Wheels Up? Many are asking. Currently nobody knows the answer to that.
It will be interesting to see if Wheels Up will overcome this. Especially with a track record of having older aircraft which ultimately leads to maintenance issues. SEE HERE