Private Jets Are Scarce. Blame the Gusher of AI Wealth

After Bill Papariella, a Fort Lauderdale, Fla.–based entrepreneur, sold his private jet charter business for nearly $1 billion in 2022, he took it easy for a couple years. But as the number of ultrawealthy continued to climb in the U.S., another business idea struck him: a company that offered fractional jet ownership, like NetJets, but with a service designed as an even more premium product. Last October, he launched Bond, planning a private plane fleet with interiors lined in...