Spirit Airlines shut down on Saturday after more than three decades of service, leaving thousands of employees and passengers in uncertainty. In a surprising response, Hunter Peterson, a passionate fan and former passenger, has launched Spirit 2.0, a grassroots crowdfunding initiative aimed at purchasing the airline publicly before private equity can acquire it.
Peterson envisions this effort modeled on the Green Bay Packers, a publicly owned NFL team with over 500,000 stockholders. He has already received pledges from over 36,000 supporters totaling approximately $23 million, with a target of $1.7 billion—significantly less than the airline's valuation before shutdown. The campaign is currently gathering non-binding commitments, with no actual money exchanged yet.
Context and Community Response
Spirit Airlines' financial struggles culminated in its recent closure, after years marked by layoffs, mergers, and unsuccessful bailout attempts. The shutdown has impacted around 17,000 employees, and many travelers have faced disruptions, prompting help from other carriers offering capped fares. Peterson, who has garnered widespread attention on social media, considers himself a potential candidate for leadership of this collective ownership effort, describing himself as the possible new CEO.
"We could buy Spirit Airlines," Peterson stated passionately, emphasizing the power of collective action. "The idea is a page from the Green Bay Packers' playbook—a community-owned organization that resists control by billionaires or hedge funds."
The initiative seeks to show that ordinary people, including former employees and passengers, can come together to take control of the airline. Peterson highlights the importance of this movement in preventing private interests from monopolizing essential services. Despite the early stage and ongoing technical issues with the website, the campaign has struck a chord with many supporters who want to make a meaningful bid.
Economically, Peterson’s campaign is still in its infancy, with pledges that fall far short of the airline’s pre-shutdown valuation. Still, he remains optimistic about the collective potential to change the industry and restore Spirit Airlines as a community-oriented airline. This movement continues to gain momentum, fueled by social media and widespread public interest.
