Why Wheels Up Experience Stock Is Down Today
Private aviation membership service Wheels Up Experience (NYSE: UP) is losing altitude on Wednesday, weighed down by fears that institutional holders might look to liquidate some of their shares. The stock opened down more than 10% on heavy volume.
Wheels Up, a 7-year-old provider of private jet service to members, went public earlier this year via a merger with a special purpose acquisition company (SPAC). The deal included about $500 million in added investment from a group that included T. Rowe Price, Fidelity, Franklin Advisors, Durable Capital, HG Vora Capital Management, Third Point, Luxor Capital, and Monashee.
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Source Fool.com
