What Happened to Wheels Up Experience?

Wheels Up merged with Aspirational Consumer Lifestyle Corp in July 2021. It offered membership-based private jet access — a sort of uber for private aviation. Kenny Chesney, Russell Wilson, and Tom Brady were investors/ambassadors. But the economics were awful — the company lost money on nearly every flight, subsidizing luxury travel with SPAC cash. By 2023, it was nearly bankrupt. Delta Air Lines invested $500M in a restructuring that gave Delta control and wiped out most existing shareholders equity. The stock fell from $15 to under $2.