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Richard Branson
Photographer: Michael Nagle / Bloomberg
Photographer: Michael Nagle / Bloomberg
Richard Branson is expected to soar into space this year, but his fortune has already reached the stratosphere.
The billionaire has added around $ 2 billion to his wealth since the start of January in the form of shares in Virgin Galactic Holdings Inc. peaked after a string of positive events.
First there was Cathie Wood’s plan for a exchange-traded funds tracking companies focused on space. Then Virgin Galactic was drawn into the Reddit-fueled frenzy of retail investors pouring into short stocks. And finally the news Monday that the company would resume test flights of its rocket-propelled space plane. The stock has already more than doubled this year.
Branson, including Virgin Atlantic Airways Ltd. should be rescued from the brink of collapse last year, now has a record net worth of $ 7.8 billion, according to the Bloomberg Billionaires Index. His stake in Virgin Galactic represents almost half of his fortune. Shares of the Las Cruces, New Mexico-based company rose 3.1% as of 9:37 a.m. in New York City, while many stocks popular with Reddit traders – including GameStop Corp. and AMC Entertainment Holdings Inc. – tumbled down.
Space tourism is one of the last bets for Branson, 70, a serial creator of businesses ranging from record labels to soft drinks. The Virgin brand that he founded as a mail order retailer in 1970 is now linked to more than 40 companies around the world, including UK bank Virgin Money. UK Plc.
(Updates the sharing performance in the fourth paragraph.)
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