Thursday, 14 May 2020

Richard Branson hopes to make $500 million from selling a stake in Virgin Galactic to bailout other interests

Part of Virgin Galactic is now up for sale as Richard Branson seeks to raise urgent extra finance to help bail out his other business interests that are currently struggling to cope during the coronavirus COVID-19 pandemic. 

Branson had been facing a business backlash after demanding a UK government bailout for Virgin Atlantic, whilst refusing to put any extra finance into the airline, that's part-owned by the US airline Delta. Virgin Atlantic is already taking advantage of the government's furlough scheme whereby the majority of staff are having 80% of their wages paid by the state.   

The airline had already announced it would be shedding over 3000 jobs and drop its operations from London Gatwick, causing a massive shockwave in the local community.

Branson is hoping to raise $500 million from the sale of the stake in the loss-making Virgin Galactic which will then be used to prop up his other business interests including Virgin Atlantic and Virgin Australia. 

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