Sir Richard Branson sells £216m in Virgin Galactic stock, tapping his biggest listed asset again to prop up his business empire during pandemic
Richard Branson has sold £216m in Virgin Galactic stock, tapping his biggest listed asset again to prop up his business empire during the pandemic.
The billionaire offloaded 10.5m shares – about 4 per cent of the space-travel firm – leaving him with an 18 per cent stake.
The proceeds will support Branson’s travel and leisure businesses, as well as help develop new ventures.
Light headed: Sir Richard Branson remains Virgin Galactic’s biggest shareholder
Branson, 71, remains Virgin Galactic’s biggest shareholder. The company’s shares fell 1.5 per cent in New York in early trading. Last weekend Virgin Atlantic, the airline majority-owned by Branson’s group, said it was considering a public offering in London as the company searches for more sources of funding.
The airline has been one of the hardest hit in the pandemic due to its reliance on flights to the US. Last year it put administrators on stand-by before the firm was rescued with a £1.2billion package, which required a £200m injection from Branson.
Virgin hopes it can persuade investors it will bounce back once transatlantic travel starts up again.