Due to COVID-19... Last Year, US Companies' Private Jet Usage Hits 10-Year High

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Due to the impact of COVID-19, the use of private jets by U.S. companies last year reached the highest level in 10 years.

On the 27th (local time), major foreign media outlets reported, citing ISS Corporate Solutions, that last year the expenditure on private jet usage by companies within the S&P 500 group increased by 35% compared to the previous year, reaching $33.8 million (approximately 43.43 billion KRW), the highest since 2012.

The reason for the expanded use of private jets by U.S. companies last year is attributed to COVID-19. During the pandemic, regulations on private jet usage were relaxed, allowing executives to actively utilize them. Some companies temporarily loosened rules to permit executives to bring their families along and use the jets for personal travel, according to foreign media reports.

The U.S. company that spent the most on private jet usage was Meta Platforms, the parent company of Facebook. CEO Mark Zuckerberg spent $1.6 million on private jet usage last year. Following were Tyson Foods with $1.3 million, Lockheed Martin with $1.1 million, and Ford with $800,000.

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