The grassroots
effort (known as Spirit 2.0) to revive now-defunct
budget carrier Spirit Airlines as a new airline owned by the American
people has reached a new stage in its evolution.
After the airline
officially announced its closure on May 2, the movement began spreading on
social media, spearheaded by content creator Hunter
Peterson. Having launched the crowdfunding site LetsBuySpiritAir.com,
he quickly raised hundreds of millions in pledges from the public to kick-start
the effort.
Now, Spirit 2.0
has reached a new phase, in which Peterson has moved beyond merely taking
pledges and is going after accredited investors to secure the funding to bid on
the original Spirit’s assets by the June 26 deadline.
According to the
organization’s website, it needs to stick solely to accredited investors at
this time, in order to comply with SEC, DOT and FAA regulations. In order to
qualify as an accredited investor, contributors must meet one of the following
criteria:
- Income:
Must earn over $200,000 yearly as an individual or $300,000 jointly with a spouse
in each of the past two years, with the expectation of the same this year.
- Net
Worth: Must be over $1 million, excluding the value of your primary residence.
- Professional
Credentials: Must hold a Series 7, 65 or 82 license.
- Institutions:
Banks, funds or entities with $5 million or more in assets.
“We’ve built the structures
and the teams to be able to make a serious bid for the Spirit 1.0 assets. We
now have to raise the funds to back our bid and show that we mean business,”
the organization wrote in an Instagram post on June 10.
Within three hours
of making the announcement in an Instagram reel on June 13th, the group had
raised more than $240,000, and within 18 hours, the total collected stood at
$1.78 million.
As of Peterson’s
latest Instagram update, the Spirit 2.0 effort has garnered $2.2 million with
433 investments, putting it almost halfway to its initial goal of raising $5
million from accredited investors.
Whether or not Spirit
2.0 ultimately succeeds in its quest to bring back the low-cost carrier, the
rapid pace of its fundraising efforts is evidence of strong enthusiasm for the
concept of a publicly owned airline. In any case, its journey promises to be a
fascinating one to watch unfold.
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