The company has raised $3.5 billion in a $15 billion financing round, the largest investment in a private company in history.
It is an airline and cruise line with a strong focus on cargo and international flights.
However, the company has been criticized for its “disruptive” business model and has also been accused of exploiting a captive passenger base for profit.
The story first broke in late October when an investor in the company wrote a scathing blog post on Medium alleging that the airline was exploiting a passenger base.
“I’m not sure how to respond to the story,” wrote the investor, Alexei Malyonov, a Russian billionaire who owns the media company RBC Capital Markets.
“It’s clear that Fleet Fox is a company with a history of making deals that benefit it.
This is a problem, and a shame, and I have no idea how to fix it.”
Malyonav’s blog post, titled “The Fleet Fox Effect,” was titled “Why Are Fleet Fox Companies So Big?” and described the company as an “inherently disruptive business model” that relied on the “deliberate manipulation of the airline industry for profit.”
It went on to say that the company’s strategy is “very similar to the one employed by airlines such as American Airlines, Delta Air Lines, American Express and Virgin America,” but that the latter had a “different focus on the world of international travel.”
“In the end, the Fleet Fox companies have a clear and present threat to the international aviation industry,” Malyomov wrote.
“As long as they exist, they will continue to grow in importance and reach the very top of the list of the most profitable and successful private airlines in the world.”
He went on, “the main question is: Are they going to be able to compete with these other large, more well-funded airlines?”
He added that Fleet “sucks in the sense that it is not a true competitor, but it does serve as a gateway to the future.”
“Fleet Fox is not the same company that was formed five years ago, when it became an airline.
The same way that the new American Airlines is not even a competitor anymore to United Airlines, it was not even created five years before Fleet Fox was formed.
Fleet Fox has its own market and is a competitor, and it will only be able grow its market share if it can increase its profits,” Mallyonov concluded.
Fleet was formed by Alexei and Alexey Malyov in 2013, and has a long history of financing and developing companies with business models that often benefit the owner.
In an interview with Business Insider last year, Alexey confirmed that the Malyav family had invested in Fleet.
He added that he and his wife have a history in the Russian business world, and that he has been involved in some of the biggest deals in Russia’s aviation industry, including one with the state-owned airline Alfa Group in 2014.
Malyomav’s post, however, is a bit more blunt.
“The story of Fleet Fox comes from an investor who is not exactly a supporter of Fleet,” he wrote.
He went into much greater detail about the company, including a number of other allegations against it, including that it was being manipulated for profit, was selling “subprime mortgages” to its customers, and was charging a premium for its international flights over domestic ones.
“The truth is, it’s a company that’s really big, but they are doing very little to compete in the markets they are in,” he continued.
The company has since issued a statement saying that it has “made no allegations of wrongdoing.”
Fleet has raised more than $1 billion, including from Chinese billionaire Peter Guo, and recently announced that it will spend $250 million on an expansion of its global fleet.
The company also plans to launch a global network of hubs, which will provide faster and cheaper international travel for passengers in the U.S., Europe, and Asia.
It’s not the first time a major airline has been caught manipulating the marketplace.
In 2014, for instance, the airline Delta Airlines had been caught making subprime loans to its passengers, which the company was able to refinance at much lower rates.
Fleet is the first airline to be investigated by the Federal Trade Commission (FTC), which is currently investigating whether Delta violated federal antitrust laws.