What happened to Pete Davidson’s ferry business? Comedian gives update on SNL

This weekend, Pete Davidson returned to the desk of Saturday Night Live (SNL) unexpectedly. He made the most of that moment to share the details of a venture he had started with past SNL cast member Colin Jost.

In 2022, they purchased a ferry that had been retired from service in New York City. This ferry has already faced its share of issues and has become a punchline, progressed slowly, and cost more than they had anticipated. During his SNL cameo, Pete Davidson said the boat is still afloat and still costing money.

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Pete Davidson's ferry purchase and its plans

At the beginning of 2022, Pete Davidson and Jost purchased a large retired ferryboat: the MV John F. Kennedy. It was previously a ferryboat for the Staten Island Ferry system, based in New York. They spent roughly $280,000 on the boat and have mentioned wanting to redevelop the boat into something new, maybe a restaurant, event space, or sailing excursion. The boat is quite large, with multiple decks, and they saw the potential in all of that space. Jost once admitted the purchase was

"the dumbest and least thought‐through purchase I’ve ever made in my life."

However, the project has hit many snags. The engine cannot be used right now, which means the boat remains docked. The cost of docking, upkeep, and repairs reportedly keeps mounting. Pete Davidson joked on SNL,

"In case you’re wondering why I had to do a show in Saudi Arabia, we’re losing millions on this ferry."

Some external reports say the ferry is still not fully operational as a business. Despite this, they have held at least one event on the vessel: a fashion show during New York Fashion Week.

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The SNL update

On his surprise appearance at SNL, Pete Davidson used humor to talk about the ferry venture. He stood at the "Weekend Update" desk with Colin Jost. There, he made several jokes: about the business losing money, about their purchase decision, and about the name of the boat. He said they renamed it "Titanic 2." He also referenced his recent performance in Saudi Arabia and connected it to the ferry costs. Jost joined in and agreed that the venture had not gone as planned.

On one hand, Jost admitted the purchase was poorly thought out. On the other hand, both men say they are still committed to the project despite the heavy costs and delays. The fact that they are making it a public talking point suggests they are willing to face the criticism and expectation. At least one event has taken place, but large renovation and operational work still remain.

The SNL appearance also served as a way to reshape the narrative. By owning up to the losses and joking about them, Davidson and Jost may be trying to soften the blow. They pointed out that big ideas often take time and cost money. They underscored that they have not given up. Davidson's comment about giving "all the energy and enthusiasm I never had for this show" also connects his personal life, expecting a child with girlfriend Elsie Hewitt, with this venture. The business may get less hands-on focus now because of new family obligations, but it remains on the table.

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What comes next?

The story of Davidson and Jost shows how celebrity ventures can attract interest and risk. Buying a large retired ferry is not a common side project. The potential reward is large, but the challenges are many: cost, logistics, permits, renovations, and business model.

For the public, watching how this plays out will tell us whether the venture becomes real or remains a funny footnote. Will they finally launch the venue? Will the ferry ever sail again? Will the costs continue to pile up? Many observers may believe the venture is unlikely to make real money. But for Davidson and Jost, it could still be a "fun project" tied to identity, home, and fame.

Thus, Pete Davidson's update on SNL shows that yes, the ferry business is still active, but far from finished. It has struggled and has cost money. Yet the owners are still talking about it, still working at it, still hopeful. Whether it becomes a successful venue or ends up as a celebrity anecdote remains unclear. For now, the boat is still there, the vision still exists, and the jokes will continue.