 On 6 May 2008 DayJet announced a scaling back of its operations and the laying off of 100–160 employees in all segments of the company.The company also sold or leased out 16 of the 28 Eclipse 500s it owned.DayJet founder and CEO Ed Iacobucci indicated that the company needed an investment of US$40M at that time to reach profitability, but that the economic climate did not permit the company to raise that amount.