Branson sells another $300 million in Virgin Galactic stock
Capitalism in space: Richard Branson has sold another $300 million of his Virgin Galactic stock, reducing his share in the company to only 11.9%.
When Virgin Galactic went public, Branson sold off 49%, so that he was still the majority owner with 51% holdings. Since then, he has made more a billion dollars reducing his holdings to a point where today he is a very minor player in the company. Meanwhile, after that one suborbital passenger flight in July, that included Branson, the company has delayed further commercial suborbital flights until late next year while it overhauls WhiteKnightTwo and Unity.
Branson’s entire strategy with this company sure looks like a classic case of a pump-and-dump scheme. He pumps the company up for fifteen years, goes public, and then times his stock sales to maximize the value of the stock. And in the process he gets out before the company begins any commercial operations, when its viability will finally be demonstrated clearly.
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Every February I run a fund-raising drive during my birthday month. This year I celebrate my 72nd birthday, and hope and plan to continue writing and posting on Behind the Black for as long as I am able.
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Capitalism in space: Richard Branson has sold another $300 million of his Virgin Galactic stock, reducing his share in the company to only 11.9%.
When Virgin Galactic went public, Branson sold off 49%, so that he was still the majority owner with 51% holdings. Since then, he has made more a billion dollars reducing his holdings to a point where today he is a very minor player in the company. Meanwhile, after that one suborbital passenger flight in July, that included Branson, the company has delayed further commercial suborbital flights until late next year while it overhauls WhiteKnightTwo and Unity.
Branson’s entire strategy with this company sure looks like a classic case of a pump-and-dump scheme. He pumps the company up for fifteen years, goes public, and then times his stock sales to maximize the value of the stock. And in the process he gets out before the company begins any commercial operations, when its viability will finally be demonstrated clearly.
Readers!
Every February I run a fund-raising drive during my birthday month. This year I celebrate my 72nd birthday, and hope and plan to continue writing and posting on Behind the Black for as long as I am able.
I hope my readers will support this effort. As I did in my November fund-raising drive, I am offering autographed copies of my books for large donations. Donate $250 and you can have a choice of the hardback of either Genesis: the Story of Apollo 8 or Conscious Choice: The origins of slavery in America and why it matters today and for our future in outer space. Donate $200 and you can get an autographed paperback copy of either.
Please consider supporting my work here at Behind the Black. My analysis of space, politics, and culture, taken from the perspective of an historian, is almost always on the money and ahead of the game. For example, in 2020 I correctly predicted that the COVID panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Every one of those 2020 conclusions has turned out right.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
You can support me either by giving a one-time contribution or a regular subscription. There are four ways of doing so:
1. Zelle: This is the only internet method that charges no fees. All you have to do is use the Zelle link at your internet bank and give my name and email address (zimmerman at nasw dot org). What you donate is what I get.
2. Patreon: Go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation.
3. A Paypal Donation or subscription:
4. Donate by check, payable to Robert Zimmerman and mailed to
Behind The Black
c/o Robert Zimmerman
P.O.Box 1262
Cortaro, AZ 85652
You can also support me by buying one of my books, as noted in the boxes interspersed throughout the webpage or shown in the menu above.
“And in the process he gets out before the company begins any commercial operations, when its viability will finally be demonstrated clearly.”
You forgot to append “…, or lack thereof.”
A perfect example of how wrong Rand Simberg is: profit over safety? Check! Why we could reduce gov’t spending by getting water from the Flint river too! Maybe Branson could fly Rand to that libertarian paradise of Somalia where everyone has an AK and no real gov’t…and be their Jim Jones.
Jeff, this is the mission statement of legitimate governance:
That is what small-l libertarians support, and it as far from Somalian anarchy, as it is from your trust in the soft-socialist status quo.
If our government was to focus upon that mission statement – to secure these rights, not to micromanage our lives – a lot of what we complain about here would be resolved positively.