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American corporate elitists’ spending on private jets hits 10-yr high as many scream over climate change

July 4, 2022 | | Print Article

(Video Credit: Yahoo Finance)

For those of you who find yourselves stuck in an airport somewhere if your flight is canceled, never fear… elitists such as Meta’s Mark Zuckerberg are flying on private jets more than ever to make up for your inconvenience.

Corporate elitists have hit a 10-year high in private jet spending while simultaneously carping about climate change and pushing leftist ideology down Americans’ throats. The out-of-touch with the masses, “let them eat cake” crowd who somehow believe they know what is best for you, are flying high as never before and spending millions doing it.

The decade high in personal jet usage by chief executives and chairs is being reported by The Financial Times. The record comes after COVID restrictions have been relaxed following the pandemic.

Spending on private jets jumped 35 percent to $33.8 million among S&P 500 groups in 2021. That’s the highest rate since 2012 according to ISS Corporate Solutions, which is a division of Institutional Shareholder Services.

“Among the biggest spenders were Facebook parent Meta and aerospace group, Lockheed Martin, as many companies eased rules on using private jets because of fears over contracting Covid-19 on commercial flights. Meta spent $1.6mn on private jets for chief executive Mark Zuckerberg, while Lockheed spent $1.1mn on flights for boss James Taiclet,” The Financial Times reported. “Lockheed Martin said it broadened its private jet spending last year ‘in light of the Covid-19 pandemic.'”

“This included $353,303 for Taiclet’s personal travel as well as for commutes to his home out of state and deadhead flights, when an aircraft is used for a one-way charter, Lockheed said in a regulatory filing this year,” the media outlet added.

“Maintaining Mark’s safety requires comprehensive and sophisticated resources,” a Meta spokesperson told Business Insider. “Given the important role Mark plays at Meta and the threats to his safety arising from his role, Mark is required to use a private aircraft when traveling for all business and personal travel.”

In 2021, Meta spent a whopping $1.6 million on private aircraft for Zuckerberg which is part of a record $26.8 million that was spent on security for the billionaire and CEO. The expense was revealed in a Securities and Exchange Commission filing. Meta claimed Zuckerberg’s role could compromise his safety.

All of this while Meta braces for corporate headwinds.

“He is synonymous with Meta and, as a result, negative sentiment regarding our company is directly associated with, and often transferred to, Mr. Zuckerberg,” the document declared.

The piece goes on to elaborate that the average amount spent on chief executives and chairs for private jet use climbed 36 percent to $170,660 in 2021. The spending benefited private jet operators such as New York-based Wheels Up and Jettly.

This is a trend that is on an upward trajectory with no end in sight.

“It’s quite difficult to go back to flying commercial” once a group has offered executives private flights, Jettly chief executive Justin Crabbe told FT.

The uber-wealthy such as Zuckerberg will not be affected by travel delays, standing in long lines, getting bumped from a flight, or sudden cancelations. Their chariot awaits despite the astronomical cost of fuel. It’s worth it to them so that they don’t have to rub elbows with the unwashed masses.

Thousands of flights were canceled or delayed over the July 4th holiday. Some passengers were offered obscene amounts by airlines to give up their seats.

As millions traveled during the holiday and fought to reach family and loved ones, elitists weren’t among them. Instead, they rode in comfort on private jets while tweeting on climate change and other politically correct issues, worrying about their price per share on the stock market. Not caring in the least about how their spending appears to a struggling American public.

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Terresa Monroe-Hamilton
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