Mr Fitzpatrick’s US-listed flying taxi firm Vertical Aerospace confirmed that a prototype version of the product crashed while testing the “aircraft’s manoeuvrability” on Wednesday.
The Bristol-based startup is building a five-seater flying taxi that can reach speeds of up to 200mph.
Nobody was injured during the incident as the crashed aircraft was being remotely piloted, The Daily Telegraph reported.
Vertical Aerospace was founded by Mr Fitzpatrick, 45, the green energy billionaire, in 2016 to build small, battery-powered, vertical takeoff aircraft.
It went public in New York 16 months ago via a “blank-cheque” merger that valued it at $2.2 billion, shortly before the market soured. It is valued now at about $330 million.