Billionaire Richard Branson announced that he will no longer invest in his company “Virgin Galactic”, which he founded almost 20 years ago – in 2004. This decision was quite unexpected, as evidenced by the sharp drop in the value of the company’s shares right after Branson’s announcement.
Speaking about the reasons for not investing in “Virgin Galactic” anymore, the entrepreneur indicated the impact of the pandemic, as well as the fact that he has already invested about one billion dollars in this company. Branson added that at this point, Virgin Galactic “should have sufficient funds to continue operations.” It does not create a very convincing impression about the future of the company.
It should be noted that after multiple postponements, Virgin Galactic made the first commercial flight to the edge of space in June of this year. So far, the company has successfully completed four commercial space flights, the last of which took place in early November. However, shortly after that, the company announced that it was reducing its workforce and suspending commercial space flights for 18 months in order to direct all resources to the construction of a new, larger and more powerful aircraft “Delta”, which could be ready in 2026.
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