Jason Mudrick, a billionaire hedge fund manager known for investing in distressed assets, has become the top shareholder of Vertical Aerospace, a struggling British eVTOL (electric vertical takeoff and landing) company. After initially rejecting an equity pitch, Mudrick converted $130 million of debt into equity, taking control and ousting the founder. Vertical aims to launch its VX4 aircraft—a six-passenger, 100-mile-range flying taxi—by 2028, focusing on selling planes rather than operating a service.

While U.S. competitors like Joby and Archer plan to launch services by 2025-2026, Mudrick calls their timelines "too optimistic." Vertical lags behind, needing multiple funding rounds to complete its $1 billion certification process. Mudrick believes the VX4 could stand out by meeting strict EU safety standards.

He sees urban air mobility as inevitable due to overcrowded cities and costly infrastructure. "If it works, you’ll talk about it for the next 20 years," he said. Meanwhile, Vertical must secure more funding to survive in a competitive market where rivals have raised $1.4 billion in the past year.$BTC $