A viral crowdfunding campaign to purchase Spirit Airlines has garnered nearly $23 million in pledges following the airline’s abrupt shutdown, reflecting a growing interest in community ownership.
A crowdfunding initiative launched by TikTok creator Hunter Peterson is making waves as it seeks to acquire the now-defunct budget airline Spirit Airlines. Following the airline’s abrupt cessation of operations on May 2, which marked the end of its 34-year history, the campaign, titled “Let’s Buy Spirit,” has attracted over 36,000 supporters and amassed nearly $23 million in non-binding pledges within just a few days.
Despite the impressive amount raised, the estimated cost to acquire Spirit Airlines stands at approximately $1.7 billion, highlighting a substantial funding gap that the campaign will need to address. Peterson, a voice actor, initially conceived the idea as a lighthearted joke on TikTok. However, it quickly gained traction as many former passengers and employees expressed their enthusiasm for the concept.
The campaign aims to thwart potential acquisitions by private equity firms, advocating instead for a community-owned model reminiscent of publicly held organizations. This approach reflects a broader trend in which social media is increasingly mobilizing financial support for unconventional ventures.
The closure of Spirit Airlines is the culmination of years of financial instability for the carrier, which included unsuccessful merger attempts and a rejected $500 million federal bailout. The shutdown has impacted approximately 17,000 employees and left countless passengers scrambling for alternative travel options. In response, rival airlines have begun introducing capped fares and additional flights to accommodate the sudden demand.
<p“We could buy Spirit Airlines,” Peterson stated in a recent social media post, encapsulating the campaign’s ambitious vision.
The slogan on the campaign’s website, “The people can own it,” emphasizes the central premise of democratized ownership. By drawing parallels to fan-owned sports franchises, the initiative taps into existing examples of community control. However, experts caution that the aviation industry’s regulatory and capital requirements present challenges that differ significantly from those faced by such precedents.
While the campaign has gained significant online momentum, it remains in its early stages, with no actual funds collected to date. Any potential acquisition would require navigating regulatory approvals, creditor negotiations, and operational restructuring.
This effort exemplifies how digital platforms are transforming public engagement with large-scale financial initiatives, even in capital-intensive sectors like aviation. As interest in collective ownership structures grows, the campaign to buy Spirit Airlines could signal a shift in how communities approach ownership in industries traditionally dominated by corporate entities.
According to The American Bazaar, the unfolding situation continues to attract attention as supporters rally around the idea of community ownership in the wake of Spirit Airlines’ collapse.