Sharing Economy Trend Takes to The Skies With Wheels Up

The sharing economy has finally invaded private aviation and Wheels Up is hoping to get onboard the trend.
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The sharing economy has finally invaded private aviation. Wheels Up is attempting to significantly reduce the cost of flying privately. They have raised millions in funding from the likes of T. Rowe Price and Fidelity so there's support for membership-based private aviation service. And even though that membership costs $17,500 for the first year and then $8,500 a year to renew, it now has over 3,000 members since its launch in 2013. Those members are entitled to fly with 24-hour advanced notice on the company's fleet of 40 King Air turboprops and 15 Citation Excels/XLS business jets. Founder and CEO Kenny Dichter wanted to get more people access to private flights though. So they recently launched 8760, a shared flights app, with an annual membership of $5,950 a year. So if you or your company are frequent fliers, it might be time to join the sharing economy's friendly skies now too. TheStreet's Special Correspondent Tracy Byrnes has details from Wall Street.