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Airlines are exploring the “all you can fly” deal

More carriers are trying out the subscription model

In recent years, one of the ways that convenience has been redefined for consumers, often unprompted, is the ubiquity of subscriptions.

Indeed, while streaming services and digital publications have long touted membership models, today, everything from pet food, to mattresses, to (briefly) heated car seats, to even a bimonthly box of doomsday supplies are peddled through an increasingly present “subscribe” button at checkout.

Now, airlines are continuing to explore the idea. Wizz Air, the Hungarian low-cost carrier, is the latest to offer an “all you can fly” deal, with an annual charge of €499 ($549) for a limited time — following a similar deal from US-based Frontier Airlines announced last year, which was met with criticism.

Perhaps for Wizz Air, though, this kind of offering will put some wind beneath its wings, as the company grapples with some disappointing results. Despite total revenue crossing more than $5 billion in FY24 — with passenger ticket revenues recovering from a post-pandemic downturn — its most recent quarter saw a 44% decline in operating profit and the stock is down more than 40% so far in 2024.

Wizz Air makes nearly 45% of its revenue from what it calls “ancillary revenue”, which is a fairly long list of add-ons that people don’t usually enjoy paying for, including baggage charges, check-in fees, convenience services (e.g. priority boarding, reserved seats), booking charges, and more.

Interestingly, demand seems to be there for the deal... but it seems that people are already having issues trying to secure Wizz Air's new service, per the BBC.

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Lucid climbs after Uber revealed to be its second-largest shareholder following recent investment

Shares of luxury EV maker Lucid are up more than 7% in premarket trading on Tuesday, following the release of a regulatory filing that revealed Uber is now its second-largest shareholder, trailing only Saudi Arabia’s PIF sovereign wealth fund.

The news follows an announcement earlier this month that Uber and Lucid would expand their robotaxi partnership from 20,000 planned vehicles to 35,000. Along with the expansion, Uber also said it would invest an additional $200 million into the EV maker.

Per Monday afternoon’s filing, it seems that investment pushed Uber’s ownership stake in Lucid to 11.52%.

Lucid’s stock is down 29% in April. It hit an all-time low of $6.75 on Monday ahead of the regulatory filing becoming public.

In a mark of just how painful the slide has been for Lucid shareholders, as of Monday, the company’s market cap had dropped to a quarter of the approximately $9.5 billion that Saudi Arabia’s PIF has sunk into it.

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