Shares of Experience Investment (EXPC), often called the Uber of flight, skyrocketed in yesterdays after hours trading when investment firm ARK Invest bought into the stock. The stock is now up 33% this week.
Experience Investments expects to merge with Blade Urban Air Mobility. The deal reportedly values Blade at $850 million, including a $125 million private investment in public equity (PIPE) from a group that includes music mogul David Geffen and existing investors including IAC chief Barry Diller and Discovery Communications CEO David Zaslav.
Urban air mobility is expected to be a $125 billion market by 2025 and grow to $650 billion over the next decade, according to Morgan Stanley Equity Research. “it’s really really exciting because right now, there is just an absolute, incredible amount of interest in ground mobility,” said Wiesenthal, “It’s radically been transformed by battery technology and software and, as evidenced by the numerous amount of companies that have gone public in terms of electric vehicles, lidar, charging stations.”
What is Blade?
BLADE is an EV technology-powered, global urban air mobility platform committed to reducing travel friction by enabling cost-effective air transportation alternatives to some of the most congested ground routes in the U.S. and abroad.
No company flies more people in and out of city centers than BLADE.
With BLADE, you can book by the seat on scheduled flights throughout the Northeast and West Coast or charter or crowdsource a flight anywhere in the world. From the moment you book, you’ll experience a level of precision, culture of accommodation and on-the-ground experience that is unmatched. Whether you’re traveling by helicopter, seaplane or jet, BLADE is the most time-efficient, cost-effective and inspiring way to mitigate urban travel pain points that have increasingly become a significant part of our daily lives.