NetJets, a subsidiary of Berkshire Hathaway, is an American company that offers fractional ownership and rental of private business jets. Formerly called Executive Jet Aviation, NetJets Inc. was founded in 1964. It was the first private business jet charter and aircraft management company in the world. NetJets sells part ownership or shares (called fractional ownership) in aircraft, this gives the fractional owner a share in the use of the aircraft.