Wheels Up loses CEO and value

Kenny Dichter, who founded US private flight provider Wheels Up in 2013, stepped down as its high-profile CEO on 9 May, although he will retain a seat on the board. According to industry press, the group is “financially challenged” and the evidence to support that assertion is clear. In 2022, the group reported an eye-watering loss of USD555 million on revenues of USD1.58 billion. The value of the group’s shares has fallen 94% since it decided to go public in July 2021 after a merger with a special acquisition entity.

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