JetSmarter, the once-high-flying private aircraft booking app backed by Jay-Z and the Saudi royal family, agreed to sell itself Wednesday in a stock deal one industry insider called close to worthless.
If true, the selling price marks a major comedown for Sergey Petrossov – JetSmarter’s Russian-born and Florida-raised founder – whose so-called “Uber of the Skies” company was valued at $1.6 billion just two years ago.
The buyer, Vista Global, didn’t mention 30-year-old Petrossov in its announcement of the deal, raising speculation the flight-sharing economy’s once rising star wasn’t included in the sale.
Vista also withheld terms of the deal, saying only that JetSmarter investors Clearlake Capital and Jefferies Financial Group would join its “shareholder family.”
The Post reported in February that JetSmarter had begun “rescue talks” to stay afloat after embracing a business model that at times burnt through $5 million a month.
That model once offered JetSmarter members all-you-can-fly private jet privileges for about $50,000 a year – a price point permitting some members to break even on their investment before completing a coast-to-coast round trip.
JetSmarter overhauled its business model last year, but the changes triggered a flurry of lawsuits accusing the company of bait-and-switch tactics.
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