Spirit Airlines Fan Launches Spirit 2.0, a Crowdsourced Effort to Buy It

Key Points:

• Spirit Airlines shut down early Saturday, prompting Hunter Peterson, a superfan and voice actor, to launch a movement called Spirit 2.0 aimed at having everyday people, including former employees and passengers, collectively buy the airline before private equity firms do.
• Peterson's initiative draws inspiration from the Green Bay Packers' public ownership model, where thousands of stockholders own the team rather than a single billionaire, proposing a similar community-owned airline structure for the first time in U.S. commercial aviation.
• As of Sunday afternoon, Spirit 2.0 has received nearly $23 million in non-binding pledges from over 36,000 people, far short of the $1.7 billion target needed to make a serious bid to acquire the defunct airline.
• Spirit Airlines' collapse follows years of financial struggles, including layoffs, pay cuts, failed mergers, and a rejected $500 million federal bailout, impacting around 17,000 employees and leaving many passengers stranded.
• Other airlines like United and American have stepped in to assist stranded Spirit passengers by offering price-capped tickets on overlapping routes, while Peterson, surprised by the movement's traction, continues to rally support through social media.