Capitalism in space:It appears that Richard Branson is selling about 25% of shares in Virgin Galactic in order to prop up his airline and travel businesses that have been crushed by the Wuhan flu panic.
Branson’s Virgin Group may sell as many as 25 million shares in the space-travel firm, with the proceeds going to his leisure and travel businesses, according to a statement on Monday. The 69-year-old Briton is trying to save Virgin Atlantic, which has struggled to qualify for a UK-supported loan program aimed at helping businesses survive the worldwide coronavirus pandemic. He’s seeking outside investors for the airline, while also weighing an infusion of his own funds.
The irony here is that Virgin Galactic has been a big financial money sink since its inception in the mid-2000s, having never flown a single customer in its fifteen-plus year existence. However, Branson has bamboozled a lot of people into buying its stock in the past year, since it went public, causing the stock to rise from its initial price of about $12 to about $18 to $20. This sell-off gives Branson an almost 100% profit on the stock, a good deal indeed for him, even if the company never makes a dime.
He says he is pumping the money back into his other businesses, but we shall see.
What the sale means however is that Branson no longer has a majority share in Virgin Galactic. The biggest shareholder is now Social Capital Hedosophia, created by venture capitalist Chamath Palihapitiya.
Now available in hardback and paperback as well as ebook!
From the press release: In this ground-breaking new history of early America, historian Robert Zimmerman not only exposes the lie behind The New York Times 1619 Project that falsely claims slavery is central to the history of the United States, he also provides profound lessons about the nature of human societies, lessons important for Americans today as well as for all future settlers on Mars and elsewhere in space.
Conscious Choice: The origins of slavery in America and why it matters today and for our future in outer space
, is a riveting page-turning story that documents how slavery slowly became pervasive in the southern British colonies of North America, colonies founded by a people and culture that not only did not allow slavery but in every way were hostile to the practice.
does more however. In telling the tragic history of the Virginia colony and the rise of slavery there, Zimmerman lays out the proper path for creating healthy societies in places like the Moon and Mars.
“Zimmerman’s ground-breaking history provides every future generation the basic framework for establishing new societies on other worlds. We would be wise to heed what he says.” —Robert Zubrin, founder of founder of the Mars Society.
All editions are available at Amazon, Barnes & Noble, and all book vendors, with the ebook priced at $5.99 before discount. The ebook can also be purchased direct from my ebook publisher, ebookit, in which case you don't support the big tech companies and I get a bigger cut much sooner.
Autographed printed copies are also available at discount directly from me (hardback $24.95; paperback $14.95; Shipping cost for either: $5.00). Just email me at zimmerman @ nasw dot org.