Menu

Post image 1
Post image 2
1 / 2
0

Viral Grassroots Effort To Buy Spirit Airlines Claims $22 Million In Pledges — But Has No Cash And No Business Plan

View from the Wing·Gary Leff·29 days ago
#DmDkAed1
Reading 0:00
15s threshold

With Spirit Airlines out of business there’s an attempt at a grass roots effort for “the people” to buy it . The project, “Spirit 2.0 — Owned by the People,” is seeking pledges from passengers, employees, and communities, to acquire the carrier’s assets – with one member, one vote (regardless of investment) but profit sharing based on pledge amount. The new carrier would offer worker equity through an Employee Stock Ownership Plan, capped executive pay, open books, and “affordable fares” in a Green Bay Packers-style community ownership model applied to aviation. But website pledges are non-binding, they’re not actually collecting money, and there’s not even a plan for actually making money – the crux of the problem with the business in the first place. So the effort amounts to a pledge form and mailing list capture. I take this as a viral organizing stunt and attempt to ride the sentiment as the airline goes gently into that good night.…

Continue reading — create a free account

Join HashtagPLUS to read full articles, follow hashtags, vote, and join the conversation.

Read More