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Wheels Up (UP) Sells Three Non-Core Businesses

Wheels Up Experience Inc. (NYSE:UP) is one of the Top 10 Stocks Under $10 That Could Triple. On August 20, Wheels Up Experience Inc. (NYSE:UP) reported that it has divested three non-core service businesses for about $20 million before transaction-related costs.

The three businesses that the company sold are Baines Simmons, Kenyon International Emergency Services, and Redline Assured Security. Wheels Up Experience Inc. (NYSE:UP) plans to reinvest the money from this sale to improve its fleet through modernization.

The sale of these three businesses is part of the company’s plan to strengthen its strategic focus. Wheels Up Experience Inc. (NYSE:UP) aims to invest in its products, fleet, and operations while also making its balance sheet stronger.

In addition to this sale, Wheels Up Experience Inc. (NYSE:UP) has also recently announced initiatives to drive about $50 million of cost efficiencies. These steps are expected to provide meaningful tailwinds, helping the company to grow profitably.

The sale of these non-core services businesses complements continued efforts to streamline Wheels Up’s business, drive operational performance and execute on the company’s fleet simplification and modernization strategy.

Wheels Up Experience Inc. (NYSE:UP) is one of the world’s largest private aviation companies. It provides on-demand private aviation services in the United States.

While we acknowledge the potential of UP as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than UP and that has a 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: 10 Hot Mid Cap Stocks to Buy Now and 10 Best Affordable Stocks Under $50 to Buy.

Disclosure: None. This article is originally published at Insider Monkey.

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When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

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  • 175 Teslas
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  • 140 Metas
  • 84 Googles
  • 65 Microsofts
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  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

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