TikTok Viral Campaign Raises $337M in Bid to Resurrect Spirit Airlines
A crowdfunding campaign aiming to rescue the bankrupt Spirit Airlines has successfully amassed over $337 million in pledges. This unexpected turn of events follows a viral TikTok video by content creator Hunter Peterson. The campaign took flight mere days after Spirit Airlines halted all operations on May 2, 2026, ending a 34-year run.
Peterson, a 22-year-old voice actor and social media influencer, suggested the idea of collectively buying the now-defunct budget airline through crowdfunding. This unique approach was inspired by the Green Bay Packers—the only publicly owned franchise in the NFL. The campaign’s website, letsbuyspiritair.com, has drawn in over 370,000 verified supporters, with an average pledge of $907.
“This started as a joke and this is rapidly going out of control in the best possible way,”
Peterson expressed in a subsequent video. The proposed “Spirit 2.0” model would grant contributors who pledge a minimum of $45—the average cost of a one-way Spirit ticket—a stake in the airline. This includes voting rights on significant decisions such as routes, leadership, and expansion plans.
Despite the campaign’s momentum, considerable legal and financial hurdles persist. Columbia University law professor John Coffee Jr. pointed out that registering an airline as a public entity with the SEC is both time-consuming and expensive. Crowdfunding exemptions are limited to $5 million annually—significantly less than what’s required to purchase an airline. Prior to its downfall, Spirit Airlines was burdened with approximately $8.1 billion in debt, with escalating oil prices and unsuccessful merger attempts contributing to its downfall.
Source: Fox Business