Who Owns NetJets?

NetJets was founded in 1964 as Executive Jet Aviation by retired U.S. Air Force General Olbert "Dick" Lassiter and Paul Tibbets (the pilot who flew the Enola Gay on the atomic bombing mission over Hiroshima) in Columbus, Ohio. The company initially operated as a charter aviation service before evolving into the fractional ownership model.

The fractional aircraft ownership concept was developed and commercialized by Richard Santulli, a mathematician and businessman who acquired Executive Jet Aviation in 1984 and renamed it NetJets. Santulli's key insight was that most private aircraft owners used their planes only a fraction of the time, making full ownership economically inefficient. By selling fractional shares of aircraft (typically 1/16th to 1/2 of an aircraft), NetJets could give owners the benefits of private aviation without the full cost of ownership, while pooling the fleet to ensure availability.

Under Santulli's leadership, NetJets grew rapidly through the 1980s and 1990s, becoming the dominant player in the fractional aviation market. The company went public in 1996 and continued expanding its fleet and customer base. NetJets attracted high-profile customers including corporations, celebrities, and wealthy individuals who valued the flexibility and privacy of private aviation without the full burden of aircraft ownership.

In 1998, Warren Buffett's Berkshire Hathaway acquired NetJets for approximately $725 million. Buffett had become a NetJets customer and was impressed by the business model and Santulli's management. The acquisition gave NetJets the financial backing of one of the world's most financially strong companies, enabling continued fleet expansion and international growth.

NetJets expanded into Europe through its NetJets Europe subsidiary and has grown to operate one of the world's largest private aviation fleets, with hundreds of aircraft available to fractional owners and charter customers across North America and Europe.