Branson sells off more of his Virgin Galactic stock
He’s getting out while the getting is good: In the past three days Richard Branson sold another $150 million worth of his Virgin Galactic stock.
The stock price for these sales was about $27, more than twice the value when the company went public in November 2019.
Including his stock sales in May ’20, Branson has now sold about 30% of his share in the company, leaving him holding only about a 20% share. Essentially, Virgin Galactic is no longer his company.
Meanwhile, Virgin Galactic now says it will not begin tourist flights until ’22. Whether it can survive that long is another question. It certainly hasn’t delivered on any of Branson’s endless grandiose promises, beginning almost two decades ago in 2005.
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.
He’s getting out while the getting is good: In the past three days Richard Branson sold another $150 million worth of his Virgin Galactic stock.
The stock price for these sales was about $27, more than twice the value when the company went public in November 2019.
Including his stock sales in May ’20, Branson has now sold about 30% of his share in the company, leaving him holding only about a 20% share. Essentially, Virgin Galactic is no longer his company.
Meanwhile, Virgin Galactic now says it will not begin tourist flights until ’22. Whether it can survive that long is another question. It certainly hasn’t delivered on any of Branson’s endless grandiose promises, beginning almost two decades ago in 2005.
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.
More from Mr Pump N Dump
https://en.wikipedia.org/wiki/Pump_and_dump
Branson was in on the ground floor of private space tourism, but couldn’t (or wouldn’t) make it work. I have a feeling his heart was never really into it. It was all a scam for him.
Robert wrote: “Meanwhile, Virgin Galactic now says it will not begin tourist flights until ’22.”
Virgin Galactic has been having year for year slips for several years, now. This indicates that no real progress is being made and is a serious problem for any company hoping to deliver a product as a revenue source.
I doubt that Branson founded Virgin Galactic as a scam, but after discovering technical problems more than a decade ago, he seems to have been unwilling to make the tradeoffs necessary to overcome those problems. What I don’t understand is why the other owners are content with the year for year slips and the continued lack of interest in problem solving.
Fortunately, we have companies such as NanoRacks, Rocket Lab, Sierra Nevada, and SpaceX that are clearly interested in doing actual business in space.
Stratolaunch could carry a Blackhorse sized rocketplane without hybrid motors.