Net Jets Inc. Private Jets
NetJets Inc. a subsidiary of Berkshire Hathaway, is an American company that sells part ownership or shares (called fractional ownership) of private business jets. NetJets was founded in 1964 as Executive Jet Aviation. It was the first private business jet charter and aircraft management company in the world.
NetJets Inc., formerly Executive Jet Aviation, was founded in 1964 as the first private business jet charter and aircraft management company in the world. The founding members of the board of directors included Air Force generals Curtis E. LeMay and Paul Tibbets Jr., Washington lawyer and former military pilot Bruce Sundlun, and entertainers and pilots James Stewart and Arthur Godfrey, with retired Air Force Brigadier General Olbert F. „Dick” Lassiter serving as president and chairman of the board. EJA initially began operations in 1964 with a fleet of ten Learjet 23 aircraft. By the late 1970s, EJA was doing business with approximately 250 contract flying customers and logging more than three million miles per year.
In 1984, Executive Jet Aviation was purchased by mathematician and former Goldman Sachs executive Richard Santulli who owned a business that leased helicopters to service providers of offshore oil operations.
One of the first quarter-share Owners of the Hawker 1000 was Berkshire Hathaway CEO, Warren Buffett, in 1995. He quickly determined the fractional ownership concept was the future of private aviation and in 1998, Berkshire Hathaway acquired EJA and NetJets Inc.
NetJets soon expanded to Europe and then Russia, and by 2006 was the largest supplier of business jets in Europe and the ninth largest air carrier overall on the continent.
NetJets Share
You have three ways to fly with NetJets: NetJets Share, NetJets Lease and Jet Card programs.
NetJets Share is a Shared Ownership precisely, a plane belongs to several people. With NetJets ownership, you purchase a portion or “share” of a specific aircraft. And that share equals a specific number of hours you can fly in that aircraft type—with the ability to upgrade or downgrade to any other jet in our fleet. NetJets owners typically purchase shares in 25-hour increments with a minimum of 50 hours.
