Photo by Francois Olwage on Unsplash
Richard Branson Tells Virgin Galactic He Will No Longer Invest
December 5, 2023
Businessman Richard Branson, who founded the Virgin Group and later Virgin Galactic, has revealed he will no longer invest in Virgin Galactic. He believes the company should have sufficient funds moving forward, so he will no longer provide monetary backing for further endeavors.
Branson told Financial Times, “We don’t have the deepest pockets after Covid, and Virgin Galactic has got $1bn, or nearly. It should, I believe, have sufficient funds to do its job on its own.”
Virgin Galactic plans to suspend commercial flights for 18 months starting next year. This move is to keep cash intact as Virgin Galactic develops a larger plane, Delta, that will carry passengers to the edge of space.
Virgin Galactic may have enough resources to continue until the 2026 introduction of the Delta vehicle. However, some industry analysts anticipate the company may require additional investment by 2025. Delta’s plan continues to be to fly wealthy thrill seekers and other paying customers to the edge of space.
This announcement comes a little over two years after Branson went to outer space in a rocket ship developed by Virgin Galactic. In a post on X, he wrote, “I was once a child with a dream looking up to the stars. Now, I’m an adult in a spaceship looking down to our beautiful Earth. To the next generation of dreamers: if we can do this, just imagine what you can do[.]”
The company has subsequently launched six groups of passengers to the edge of space. These passengers include test pilots, paying customers, honorary guests, and Virgin Galactic employees, according to CNN.
Financial Times reported that Virgin Galactic was valued at $2.3 billion when it debuted on the New York Stock Exchange in 2019. The company is currently valued at $935 million. Subsequently, Virgin Galactic’s stock plummeted more than 17% on Monday after Branson’s announcement. He currently spends the majority of his time on philanthropic work. Branson’s Virgin Orbit ceased operations in March after a failed launch and financial problems.
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