Man With $132 Million Activist Stake In JetBlue Made His Money On GameStop

The days of Carl Icahn taking over airlines and waging proxy battles in expensive suits, in person, are over. These are the days of crypto billionaires and, in the case of JetBlue, activist "apes" who made their money on GameStop.

Vladimir Galkin, born in Moscow, moved to the U.S. at 15 with his mother and sister. He began his career selling computers to Russians and eventually launched HUBX, an online global marketplace for wholesale electronics, in 2017, according to Bloomberg.

Although he remains low-key in Miami where he lives, HUBX, which he co-founded and still controls, generates around $400 million in annual revenue, according to co-founder Derek Wall.

Galkin mentioned that he and his wife traded GameStop shares, inspired by activist investor Ryan Cohen, who revealed a significant stake during the meme stock surge that saw the retailer's shares skyrocket by 1,600%.

Now, he owns $132 million in JetBlue stock.

Bloomberg wrote that Galkin was buying shares at about $5 each in January. Despite the airline’s challenges, including leadership changes and legal setbacks, Galkin aims to build a 9.9% stake, driven by his belief in its long-term potential. While he’s not pushing for major changes, he’s met with top executives and supports new CEO Joanna Geraghty’s efforts to streamline operations. Galkin also advocates for greater stock ownership by JetBlue’s board members to align their interests with shareholders.

“My investments in public companies are a side hobby. I don’t day trade," he told Bloomberg. “I’ve had good fortune having followed activist investors
before. They work out great.” 

The article says Galkin isn’t seeking a director role or pushing for major changes, though he has met with two top airline executives. His focus is on long-term capital growth.

While he hasn’t spoken with JetBlue’s new CEO, Joanna Geraghty, her promotion influenced his decision to invest. He has initiated contact with the airline and met with JetBlue's President Marty St. George and CFO Ursula Hurley.

JetBlue declined to comment on these meetings.

Savanthi Syth, a Raymond James analyst, concluded: “I’m guessing that they are approaching this as they would any other large shareholder — individual or institutional — where you listen to what they have to say and take that into consideration.”