Branson to sell up to $500M in Virgin Galactic shares to help his other businessesPublished by Terence Mahier | Source
Richard Branson is preparing to sell up to $500M of his stake in Virgin Galactic to help his other holiday & travel businesses that have been impacted greatly by the pandemic 🚀💥
Virgin Galactic is developing commercial spacecraft for space tourists & space science missions 👽
The company did not yet send anyone in space but has received non-refundable deposits from 400 clients, representing $100M of potential future revenue 💸
The billionaire founder has been vocal about the financial struggle of the group Virgin, and he has even recently declared he would use his private island as collateral to obtain government loans 😅
Shares of Virgin Galactic slipped 6% in premarket trading 📉
Virgin Galactic is a "cult" stock and has shown extreme volatility since its IPO in Oct. 2019. It is hard to bet against it as it is up +70% since the beginning of the year. But Branson financial issues could slow down the development of the company 🧐
“Virgin intends to use any proceeds to support its portfolio of global leisure, holiday and travel businesses that have been affected by the unprecedented impact of COVID-19,” the company said in a press release...
Virgin Galactic slowly recovered during the day, up 3% from its session low.
The "cult" stock is following a global optimism trend on the markets. Let's say that it's not a good time to play short 😅
- Newspill Team 💊
12-May 08:11 (Eastern Time)
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