Why one big Wall Street banker is betting flying taxis will replace helicopters

SourceCNBC
SectorTransport
CountryMiddle east

The current bull market in stocks has fueled concerns about speculation in too many offerings and unproven technologies, but don't include flying taxis, according to Wall Street investment banker Ken Moelis. Flying taxis — formally referred to as electric aircraft and the urban air mobility market — are coming in the near future and they can replace helicopters, Moelis and Company CEO and founder Ken Moelis told CNBC earlier this week. "These vehicles will be 100 times quieter, they will be significantly safer, they'll be significantly cleaner and significantly cheaper," Moelis told CNBC's Squawk Alley on Thursday. On Wednesday, electric aircraft start-up Archer announced special purpose acquisition company (SPAC) merger with Moelis-backed Atlas Crest Investment Corp., a deal valued at $3.8 billion. The start-up aims to release its first aircraft sometime around 2024; the deal was valued on 2026 numbers. Moelis said Archer is at an early stage of development, but its business plan is fully funded and the market opportunity is significant. "There's...read more...