Wall Street has never liked JetBlue. It forced out two CEOs, primarily because they offered passengers too much comfort for too little money. Now, it doesn’t like the planned acquisition of Spirit.
Since JetBlue’s quest to acquire Spirit was announced April 5, its shares have declined 42%. During the same period, Delta shares have declined 2%.
JetBlue has long been a disrupter, interfering with industry convention. It was founded in 1998 on the seemingly unlikely theory that passengers would travel past New York’s much more convenient LaGuardia airport out to Kennedy for domestic flights. By 2019, Kennedy served 25 million domestic passengers, enough to make it
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