Richard Branson to sell $25 Million worth of Virgin Galactic shares amid virus outbreak

12.05.2020 - Kulakov Vladimir
Richard Branson to sell $25 Million worth of Virgin Galactic shares amid virus outbreak

Virgin Group’s founder Richard Branson stated on Monday that it would sell $25 Million worth of Virgin Galactic shares to raise funds for the space tourism company as the pandemic threatens to cripple his business empire.

“Virgin intends to use any proceeds to support its portfolio of global leisure, holiday and travel businesses that have been affected by the unprecedented impact of Covid-19,” the company stated.

A drop in demand has struck Virgin Galactic Holdings Ltd. due to the virus outbreak.

Virgin Galactic’s shares declined by 3.1% at $19.54 in afternoon trade, but have raised 69% in the year to date.

The company’s offering would gain as much as $504.5 Million based on Friday’s closing price.

Virgin Galactic continues to operate as a critical infrastructure business amid the pandemic and aims to run the first commercial space flight in 2020.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?