The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
President Donald Trump said on Twitter he was postponing a scheduled meeting with Denmark's prime minister because of her lack of interest in discussing a possible sale of...World Politicsread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
Trump said he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession."Politicsread more
Secretary of State Mike Pompeo privately told business executives and free traders that the trade war could end by the 2020 election and that hurdles to an immediate agreement...2020 Electionsread more
Market bull Jeff Saut told CNBC on Tuesday that the lows are in and the market is headed "much higher."Marketsread more
Home Depot CFO Carol Tome says "consumer confidence is near record high levels" but "consumer demand could be impacted" by lingering U.S.-China trade tensions.Mad Money with Jim Cramerread more
The company's stock seesawed after the markets closed Tuesday, initially swinging up by 4% before falling by about 2%.Retailread more
VMware has become accepting of the corporate rush to the cloud. A new acquisition could help it make more revenue as companies adopt a modern approach called serverless...Technologyread more
President Donald Trump believes he has quite the bargaining chip with the European Union.Marketsread more
The United States does not have a defense against hypersonic weapons, which can travel at least five times the speed of sound, or a little more than a mile per second....Defenseread more
JetSmarter, widely considered the Uber for jets, is going the extra mile to help users get closer to their favorite celebrities.
The private transportation start-up, which is part of a disruptive clutch of companies trying to make private jets more affordable, now offers a function to notify members when certain celebrities will be on a flight — allowing them to hitch a ride. Thus far, JetSmarter's clientele include celebrities who fly private, yet aren't megastars like Tom Cruise or Sean "Jay-Z" Carter, who each own their own private planes.
"Passengers and celebs will get a lot of networking value," Sergey Petrossov, JetSmarter's founder and CEO told CNBC. "Friendships and business relationships are created daily between our passengers."
JetSmarter is hoping that flying private isn't intended for just the elite. In fact, a passenger who flies often enough might actually save money, the company contends. In addition to offering bookings for entire jets, JetSmarter's most popular platform is a subscription service by which members pay $9,000, annually giving them access to unlimited, free deals on one-way flights offered exclusively through JetSmarter.
Actors Emily Ratajkowski, Jamie Foxx and entrepreneur Daymon John have recently been among those boldface names who got to share a jet with fans. JetSmarter users get a notification saying which leg of a flight they're booked on, and inviting passengers to book as well. According to JetSmarter, John, who is a judge on "Shark Tank," recently used the service to fly to Cuba for an event related to President Barack Obama's visit.
Ed Mermelstein, a real estate attorney, has been part of the service for several months. He recently shared a jet with Foxx from White Plains to Atlanta. "He was great, and very personable, talking with passengers throughout the flight," Mermelstein told CNBC. "You never know who you will meet, and I now look forward to flying."
Despite the risks that come with overzealous fans that may seek out personal interactions with a celebrity, Silicon Valley is buying into JetSmarter's concept. The company has raised more than $50 million in venture financing for its niche services, JetSmarter told CNBC, and has just recently expanded its routes into Europe.
Petrossov, 27, said his vision started after he began flying private in 2009 after selling a technology company. At the time, he felt like the private jet industry was very archaic: "It's brick and mortar process of picking up the phone, waiting hours and speaking to numerous different people in order to charter a jet was outdated and inconvenient."
Petrossov said his typical user is anyone from entrepreneurs growing their business, to real estate brokers traveling from city to city or country to country making deals. Travelers include a mix of both business and pleasure fliers. By matching users with private jets, Petrossov ultimately thinks he's matching supply with demand.
"The average private jet flies roughly 250 hours per year, but optimal utilization is around 1,200 hours per year," Petrossov said. "We believe that the market could get three to four times bigger with our efficient utilization models."