When Virgin Airlines USA was being established, the company was forced to restructure due to a determination that effective ownership and control was held by Richard Branson's Virgin Group, a non-US entity. These rules are widely criticized in many countries, but existing carriers like the reduced competition they provide and lobby to keep them in place.
Uber plans an air taxi service and has recently sold a significant share to Softbank, a Japanese company (Fortune). Uber as a ride hailing service has worked around many conventional taxi regulations, but as it gets into air taxis it will be up against the US Department of Transportation which is not so easy to push around. If Elevate is considered an air taxi it will have to respect air taxi rules.
Are US air taxi companies subject to domestic ownership and control rules just as domestic airlines are?