Richard Branson sells $ 300 million in Virgin Galactic shares after boarding a rocket

Virgin Galactic founder Richard Branson sold more than 10 million shares of his space travel agency earlier this week, just a month after enjoying his own personal television broadcast. Ride a ballistic rocket Millions of people on the planet are watching.

Branson began selling shares through Virgin Group Investments on Tuesday and closed the deal at the end of Thursday, regulator filings show. Overall, the stock was worth about $ 300 million. This is the third time Branson has sold $ 500 million in May 2020 and another $ 150 million in April to offload the lost virgin Galactic stake.

In Virgin Galactic’s July 11 flight, Branson, two pilots, and three office workers exceeded the 50-mile height recognized by the FAA and NASA as the boundary of the atmosphere distinguishable from space. The company’s next flight is scheduled for late September and will carry a group of Italian Air Force personnel.

Launched in 2004, Virgin Galactic has spent most of its existence on billions of dollars in bleeding. The company was published two years ago and reported a net loss of $ 420 million in its latest financial report. The company is expected to continue to lose money from the rest of the year until 2022.

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Since the landing of spaceflight in July, Virgin Galactic has begun upgrading its Eve Mothership Carrier Jet to improve durability and reduce travel time. Michael Ciarmoli, an aerospace analyst at Truist Securities, said that taking the time to upgrade these upgrades would likely delay the company’s “revenue-generating flights” timeline in late 2022.

“The next milestone to watch out for is the September flight with the Italian Air Force,” Ciarmoli said in a research note.

Last week, Virgin Galactic resumed ticket sales for vehicles into space. Tickets start at $ 450,000 per seat.The company is competing Blue originTo sell up and down flights to the edge of space, owned by Amazon founder Jeff Bezos, not only to wealthy space travelers, but also to the National Space Agency and research institutes. The two companies also plan to launch both automated microgravity research payload flights and human-intended microgravity research payload flights.

Virgin Galactic’s share price fell about 1% to about $ 25 in early Friday trading following news of Branson’s massive share sale. A few days after Branson’s space travel, the price soared to $ 40 per share.

“The net revenue from this sale is intended to be used to support the global leisure, holiday and travel portfolio that continues to be affected by the COVID-19 pandemic, the Virgin Group said in a statement on Friday. Development and growth of new and existing businesses. ”

The statement added that Virgin Group remains the largest shareholder of the space flight company.

Richard Branson sells $ 300 million in Virgin Galactic shares after boarding a rocket

Source link Richard Branson sells $ 300 million in Virgin Galactic shares after boarding a rocket

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