Billionaire and Entrepreneur Richard Branson sold $300 million of Virgin Galactic Holdings stock. According to news reports Branson will use the money to recapitalise his business empire after some of his assets suffered the most during the pandemic.
The adventurous entrepreneur let go of almost 10.5 million shares about 4% of the space travel company. After sale the transactions leaves Branson with an 18% stake, according to reports.
According to Bloomberg news, 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 company’s shares fell 1.3% to $25.60 at 12 p.m. in New York, heading for a fourth-straight day of declines.
The money from the share sale will be used to support the pandemic-struck leisure and travel businesses of Branson’s Virgin Group, as well as to develop new businesses, a spokesperson for the British conglomerate said.