U.S. Corporate Elites Drive Private Jet Spending to 10-Year High

The Financial Times (FT) reports spending by U.S. companies on private jets for personal use by chief executives and chairs hit the highest level for a decade last year as many businesses relaxed restrictions on using them because of the coronavirus pandemic.

Spending on airborne luxury rose 35 percent to $33.8mn among S&P 500 groups in 2021 — the highest since 2012, according to ISS Corporate Solutions, a division of investment adviser Institutional Shareholder Services.

The business elites have seemingly grasped the appeal long ago recognised by Hollywood, tried it and have no intention of going back to their old ways as everyday fliers are forced to in crowded commercial airports.

Being a rich eco-hypocrite Hollywood elite like Chris Hemsworth means riding on private jets while lecturing all us peasants about global warming. https://t.co/KPm7WZLYRR

— Breitbart News (@BreitbartNews) February 21, 2021

Who is enjoying the corporate travel stakes? The FT sets that out:

Among the biggest spenders were Facebook parent Meta and aerospace group Lockheed Martin as many companies eased rules on using private jets because of fears over contracting Covid-19 on commercial flights. Meta spent $1.6mn on private jets for chief executive Mark Zuckerberg, while Lockheed spent $1.1mn on flights for boss James Taiclet.

Lockheed Martin said it broadened its private jet spending last year ‘in light of the Covid-19 pandemic’.

This included $353,303 for Taiclet’s personal travel as well as for commutes to his home out of state and deadhead flights, when an aircraft is used for a one-way charter, Lockheed said in a regulatory filing this year.

The FT story relates the average amount spent on chief executives and chairs for private jet use jumped 36 percent to $170,660 last year, with the increased spending boosting private jet operators such as New York-based Wheels Up and Jettly.