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Bloomberg
Richard Branson sold about $300 million in Virgin Galactic Holdings Inc stock, tapping his biggest listed asset again to prop up his business empire during the pandemic.
The billionaire offloaded almost 10.5 million shares — about 4% of the space-travel company — through a company he controls, leaving him with an 18% stake, according to a regulatory filing. The proceeds will support Branson’s travel and leisure businesses, as well as help develop new and existing ventures, a Virgin Group representative said. Branson, 71, remains Virgin Galactic’s biggest shareholder.
The sale marks Branson’s first since his test flight to space last month on a Virgin Galactic plane. In April, he sold about $150 million in stock to support his other businesses and raised more than $300 million during the first half of 2020 following the global outbreak of Covid-19.
Virgin Atlantic Airways Ltd, the airline majority owned
by Branson’s group, is now considering a public offering in London after receiving a 1.7 billion rescue package last year that
included about 200 million pounds from Branson.