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Richard Branson sold around $ 300 million in shares of Virgin Galactic Holdings Inc and again used his largest listed asset to support his business empire during the pandemic.
The billionaire has sold nearly 10.5 million shares – about 4% of the space travel company – through a company he controls, leaving him an 18% stake, according to a regulatory filing.
A representative from Virgin Group said the proceeds will support Branson’s travel and leisure business, as well as the development of new and existing projects. Branson, 71, remains Virgin Galactic’s largest shareholder.
This is Branson’s first sale since his test flight into space last month on a Virgin Galactic aircraft.
Virgin Atlantic Airways Ltd., the majority-owned airline of the Branson Group, is considering a public offering in London after receiving a £ 1.2bn (1.7bn) bailout last year that included around 200 million pounds from Branson.
The Virgin brand that he founded as a mail order retailer in 1970 has since been associated with more than 40 companies around the world, including Virgin Money UK Plc. Branson’s net worth is around $ 6.5 billion, according to the Bloomberg Billionaires Index.
Virgin Galactic stock is down about 56% from its February peak, in part due to the company’s planning for a diluted capital raise. However, shares have more than doubled since the company went public after it was merged in 2019 with a special purpose buyout company set up by Chamath Palihapitiya.
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