--- title: Companies are spending big on private jets - The Hustle description: Companies are dropping big bucks to prevent executives from catching covid on commercial flights. image: https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/2109626507-HS-News-Brief_2022-07-06T012204.812Z.webp --- # Companies are spending big on private jets ![Rob Litterst](https://thehustle.co/wp-content/uploads/2023/01/Rob-Litterst-pic.png?width=48&height=48&name=Rob-Litterst-pic.png) [Rob Litterst](https://hs-sbup.thehustle.co/author/rob-litterst) [Rob Litterst Twitter profile ](https://twitter.com/robbylit) Published: July 06, 2022 Updated: October 11, 2023 While most of his attention is on the metaverse, Mark Zuckerberg has been doing some serious globe-trotting in the real world. ![Companies are spending big on private jets](https://hs-sbup.thehustle.co/hs-fs/hubfs/The%20Hustle%20News/Assets/Images/2109626507-HS-News-Brief_2022-07-06T012204.812Z.webp?width=595&height=400&name=2109626507-HS-News-Brief_2022-07-06T012204.812Z.webp) Corporate spending on private jets for CEOs and board members in the US [hit a 10-year high](https://www.ft.com/content/acc17817-e14c-443c-91f4-b1e611de2dbf?utm_source=substack&utm_medium=email) in 2021, per *Financial Times*. Meta led the pack, and was the only tech company in the top five. #### **The S&P 500…** … spent $33.8m as a group, up 35% YoY. The increase has been attributed to the pandemic, as companies have tried to limit the risk of executives getting covid on commercial flights. This has resulted in a nice windfall for private jet operators, including: - **Wheels Up,** which became the [first private aviation](https://wheelsup.com/) company to go public in 2021. - **Jettly,** which offers an [Expedia-like platform](https://simpleflying.com/jettly-booking-platform/) to simplify private jet bookings. Jettly CEO Justin Crabbe doesn’t seem concerned about demand slowing anytime soon, telling *FT*, “it’s quite difficult to go back to flying commercial” after experiencing private flights. #### **Private jet expenses…** … are just one piece of CEO compensation, which has reached [record levels](https://www.nytimes.com/2022/06/27/business/dealbook/elon-musk-tesla-ceo-pay.html) in recent years. At Meta’s latest annual meeting, 86% of shareholders voiced support for executive pay — the lowest number in the company’s history. Perhaps shareholders would prefer Zuck spend more time jet-setting through digital worlds. 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