Crowdfunding Campaign to Buy Spirit Airlines Fails, Backers Pivot to Launching New Airline
After Spirit Airlines ceased operations, a viral campaign sought to crowdfund its purchase, gathering over 500,000 pledges totaling $437 million in non-binding commitments. The campaign failed to raise the required capital, collecting only $2.2 million from 443 investors. Organizers have since shifted focus to building a new cooperative airline, First Jet Airways.