Richard Branson To Sell $500m Stake In Virgin Galactic To Support Other Businesses

 Richard Branson will be selling a major stake in Virgin Galactic in an attempt to raise $500 million to support his other businesses. Once he sells this major stake, he might lose his controlling interest. He presently owns 55 percent of Virgin Galactic. 

Branson has not used his own funds to support his other businesses

In the recent few weeks, Branson has come under fire for wanting government funds to help bail out his airlines. He has been criticized for not using his own funds to support his flailing companies that have made huge losses due to the ongoing coronavirus epidemic. The wealthy business tycoon briefly suggested using his luxury Necker Island resort as collateral to secure a UK government loan. However, no formal offer has been made.

The Virgin Group has said that it will use the funds acquired from the Virgin Galactic sale to support its “leisure, holiday and travel businesses” hit by “the unprecedented impact” of COVID-19. The carrier was forced to cut its workforce by one third and also pull out of London Gatwick. Virgin Australia slipped in voluntary administration after witnessing a consistent fall in traffic. 



Please enter your comment!
Please enter your name here


More Articles Like This

More from the Author

Exotic Getaways With The Residence By Cenizaro

With the new Forever Yours campaign, The Residence by Cenizaro invites families to create memories that will last a lifetime. Following a...

Wyndham Hotels & Resorts Unveils First Wyndham Grand in Mexico

Through a franchising arrangement with Grupo Cancun, Wyndham Hotels & Resorts has announced the upcoming opening of Wyndham Grand Cancun All-Inclusive Resort...

Kempinski Expands Presence In North America

The newest five-star hotel from Kempinski Hotels has white sand beaches and an ocean that is as clear as glass. In September...

Transportation In Japan

Japan is famous for its reliable and fast transportation network. The country boasts a great, efficient transportation system to take you almost...