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Branson selling 25% of Virgin Galactic shares to save airline business

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.

Pioneer cover

From the press release: From the moment he is handed a possibility of making the first alien contact, Saunders Maxwell decides he will do it, even if doing so takes him through hell and back.

 
Unfortunately, that is exactly where that journey takes him.

The vision that Zimmerman paints of vibrant human colonies on the Moon, Mars, the asteroids, and beyond, indomitably fighting the harsh lifeless environment of space to build new societies, captures perfectly the emerging space race we see today.

He also captures in Pioneer the heart of the human spirit, willing to push forward no matter the odds, no matter the cost. It is that spirit that will make the exploration of the heavens possible, forever, into the never-ending future.

Available everywhere for $3.99 (before discount) at amazon, Barnes & Noble, all ebook vendors, or direct from the ebook publisher, ebookit. And if you buy it from ebookit you don't support the big tech companies and I get a bigger cut much sooner.

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