Bad news for Branson
Two stories today suggest that Richard Branson’s space empire continues to totter.
First, a judge ruled that the fraud lawsuit against Branson by other stockholders in the suborbital tourist company Virgin Galactic can go forward.
The suit claims Branson concealed safety problems while he sold off the bulk of his own stock at top dollar. Only after he had dumped his stock were those problems revealed, and the stock price plummeted, now trading at less than 10% of the peak in February 2021, when Branson sold.
Second, it appears that though Branson’s satellite orbital company Virgin Orbit is operational, it is not going to launch as many satellites this year as expected, and thus required an investment of $25 million on November 4th from Branson’s Virgin Group to stay liquid.
Branson clearly wanted to be a major player in space. In the end, he has mostly failed, though once again Virgin Orbit remains a viable launching company for smallsats.
Two stories today suggest that Richard Branson’s space empire continues to totter.
First, a judge ruled that the fraud lawsuit against Branson by other stockholders in the suborbital tourist company Virgin Galactic can go forward.
The suit claims Branson concealed safety problems while he sold off the bulk of his own stock at top dollar. Only after he had dumped his stock were those problems revealed, and the stock price plummeted, now trading at less than 10% of the peak in February 2021, when Branson sold.
Second, it appears that though Branson’s satellite orbital company Virgin Orbit is operational, it is not going to launch as many satellites this year as expected, and thus required an investment of $25 million on November 4th from Branson’s Virgin Group to stay liquid.
Branson clearly wanted to be a major player in space. In the end, he has mostly failed, though once again Virgin Orbit remains a viable launching company for smallsats.









