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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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.
I must unfortunately ask you for your financial support because I do not depend on ads and rely entirely on the generosity of readers to keep Behind the Black running. You can either make a one time donation for whatever amount you wish, or you sign up for a monthly subscription ranging from $2 to $15 through Paypal or $3 to $50 through Patreon.
Your support will allow me to continue covering science and culture as I have for the past twenty years, independent and free from any outside influence.
Your support is even more essential to me because I not only keep this site free from advertisements, I do not use the corrupt social media companies like Google, Twitter, and Facebook to promote my work. I depend wholly on the direct support of my readers.
You can provide that support to Behind The Black with a contribution via Patreon or PayPal. To use Patreon, go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation. For PayPal click one of the following buttons:
If Patreon or Paypal don't work for you, you can support Behind The Black directly by sending your donation by check, payable to Robert Zimmerman, to
Behind The Black
c/o Robert Zimmerman
P.O.Box 1262
Cortaro, AZ 85652
Or you can donate by using Zelle through your bank. You will need to give my name and email address (found at the bottom of the "About" page). The best part of this electronic option is that no fees will be deducted! What you donate will be what I receive.
“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.