Summary
- Wheels Up celebrated its 11th anniversary as one of the world’s largest business jet charter companies.
- Despite a decrease in flight hours in 2023, it still recorded over 127,000 total flight hours.
- Recently, Delta Air Lines purchased a 95% share of Wheels Up, aiming to help the company become profitable.
On Thursday, August 1st, Wheels Up revealed it was celebrating its eleventh anniversary of the day it was founded. Wheels Up was first founded in 2013 by Kenny Dichter, a serial entrepreneur. Since then, the company has grown to be one of the biggest business jet charter companies in the world. In 2023, Private Jet Card Comparisons reported that it was the fourth-largest private jet operator in the United States. Last year, it trailed only NetJets, Flexjet, and Vista Global. The company saw a decrease in flight hours year-over-year, but was still able to record over 127,000 total flight hours in 2023. Wheels Up retained a 2.4% market share in total hours in the United States.
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Examined: The 6 Types Of Aircraft That Wheels Up Operates
A closer look at the charter company’s diverse fleet.
Early history
As previously mentioned, eleven years ago, in August 2013, Kenny Dichter founded the private charter company known as Wheels Up. The company ordered 105 Beechcraft King Air 350i aircraft for nearly $1.5 billion to begin. Wheels Up immediately saw success in the charter industry. By 2014, the company already had 1,000 established members.
The company continued to grow during the 2010s. This included adding the Cessna Citation Excel to its fleet, and shortly after, adding the Cessna Citation X, which was once the fastest business jet in the world, to its fleet. This helped strengthen the company’s role in the private aviation industry, and in 2017, Wheels Up was listed as the number one provider of on-demand flights in the United States.
In the late 2010s, Wheels Up launched a super-midsize business jet and a light jet program as well, which continued to spur its growth. Currently, the company operates a fleet of the following aircraft:
- Beechcraft King Air 350
- Cessna Citation CJ3
- Beechcraft Hawker 400XP
- Cessna Citation XLS
- Cessna Citation X
- Gulfstream G450
Wheels Up also previously offered a management program, which was even sold off. However, Wheels Up can still offer various other jets through one of its industry partners, depending on what route or destination the customer wants to fly to.
Recent struggles
In 2021, Wheels Up showed significant growth that led to the company becoming the first private aviation company to be publicly traded on the New York Stock Exchange (NYSE). It is traded under the $UP symbol, and was listed after merging with a special-purpose acquisition company (SPAC).
Prior to this, the company acquired several other companies, including Avianis, Gama Aviation Signature, Mountain Aviation, Travel Management Company, and even Delta Private Jets. This led to a large investment from Delta Air Lines. Even with all these recent acquisitions, the company had yet to become a profitable company.
By 2023, Wheels Up was struggling and was still unprofitable. The stock price was falling, and the company faced eventual bankruptcy. In August 2023, Delta Air Lines purchased a 95% share of the company for $500 million. This led to a partnership that allows Wheels Up customers to use and earn Delta SkyMile rewards. Since then, under new ownership, Wheels Up will look to cut losses and continue working towards being profitable.