A voice actor's lighthearted TikTok video proposing to crowdfund the purchase of now-defunct Spirit Airlines has unexpectedly raised over $88 million in pledges within days. The campaign, which began as a joke, has captured widespread public attention.
Spirit Airlines Ceases Operations
Spirit Airlines ceased operations on May 2 after years of financial struggles exacerbated by rising fuel costs linked to the war with Iran. President and CEO Dave Davis stated, 'Sustaining the business required hundreds of millions of additional dollars of liquidity that Spirit simply does not have and could not procure.' The airline grounded all flights and shut down customer service.
The Viral Campaign
Voice actor Hunter Peterson posted a TikTok video suggesting a grassroots effort to nationalize Spirit Airlines, proposing a fan-owned model similar to the Green Bay Packers. The video went viral, leading Peterson to launch letsbuyspiritair.com, where interested parties could pledge shares. The site crashed due to overwhelming traffic, with a message indicating infrastructure upgrades within 24-48 hours.
Before the crash, the website had collected $88 million in pledges from approximately 124,755 individuals, with an average pledge of $667 and a minimum of $45—the average price of a one-way Spirit ticket. Peterson also created an Instagram account, Spirit Airlines 2.0, which gained 187,000 followers.
Expert Skepticism
Despite the enthusiasm, retail strategist Carol Spieckerman called the campaign 'viral performance art,' noting that the pledges represent only 1.5% of the estimated $1.7 billion acquisition cost. She highlighted that the Green Bay Packers model is unique and prohibited for other teams under NFL rules. Additionally, Spirit is in formal liquidation, with assets distributed by a bankruptcy court, complicating any acquisition.
Spieckerman acknowledged the campaign taps into public frustration with private equity and airline consolidation, saying, 'That's something worth paying attention to, even if this specific effort goes nowhere.'
