Travel Daily

Freeing up space

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DESPITE all the recent fanfare of its first successful passenger flight, Virgin Galactic’s founder Richard Branson is reportedly planning to sell a US$300 million stake in the brand to help bolster his other travel businesses.

Branson’s travel empire has been slammed by the pandemic, with media reports suggesting the majority of the funds will be used to prop up the struggling Virgin Atlantic airline, which has been seeking urgent funding from various sources in recent months, and also filed for bankruptcy protection in the United States last year (TD 05 Aug 2020).

If the sale goes ahead, it will be the third time Branson has sold down his share in the pioneering space tourism company, having divested US$505 million worth in May 2020 and US$150 million in Apr this year, but he still holds US$1.2 billion worth of shares.

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