Clear went bankrupt once before it went public. The first version, started in 2003 under the journalist Steven Brill, shut down in 2009. Caryn Seidman-Becker and Ken Cornick bought it out of bankruptcy and relaunched it in 2012. By 2021 its pods stood at airports and stadiums, scanning irises and fingerprints so members could skip ID checks. Travel was coming back after the pandemic lockdowns, and Clear filed to go public under the ticker YOU.

A Second Life at the Airport

Seidman-Becker and Cornick bought Clear in 2010. Their bet was that people would pay a yearly fee to turn their body into their ID. Airports let Clear operate in exchange for a commission on new members. Airlines like Delta and United gave their frequent fliers discounts. Sports leagues signed on too, so the same scan could get a fan into a ballpark. Clear later gained a patent to use biometric identity as a ticket.

Thirty-One Dollars and a Line

Clear sold 13.2 million shares at $31 each in June 2021 and listed on the New York Stock Exchange. Its two co-founders kept control through shares with 20 votes each. Security lapses followed. In 2022 a passenger with a false identity got through Clear's system, and lawmakers asked for tighter checks. Critics said it let wealthy flyers buy their way past a public service. Clear still trades on the NYSE as YOU.

Cover: Raam Gate, from The Eight City Gates of Amsterdam, Reinier Nooms, called Zeeman. Art Institute of Chicago, public domain. Chosen for a city gate (passing through).