Richard Branson
Photographer: Michael Nagle / Bloomberg
Photographer: Michael Nagle / Bloomberg
Richard Branson is expected to fly into space this year, but his fortune has already hit the stratosphere.
The billionaire has added about $ 2 billion to his fortune since early January as shares in Virgin Galactic Holdings Inc. reached a maximum level after a succession of positive events.
First there was Cathie Wood’s plan for a exchange traded funds targeting space-focused companies Then Virgin Galactic was drawn to Reddit-fueled frenzy of retail investors pouring into shorted stocks. And finally, Monday’s news that the company will resume test flights of its space rocket plane. The stock has already doubled over this year.
Branson, whose Virgin Atlantic Airways Ltd. was supposed to be saved from last year’s collapse, now has a record net value of $ 7.8 billion, according to data Bloomberg Billionaires Index. His stake in Virgin Galactic is almost half of his fortune. Shares of the Las Cruces, New Mexico company rose 3.1% to 9:37 a.m. in New York, while many shares were popular with Reddit traders – including GameStop Corp. and AMC Entertainment Holdings Inc. – fell.
Space tourism is one of the latest bets made by 70-year-old Branson, a series creator of record companies, from record companies to soft drinks. The Virgin brand he set up as a mail order retailer in 1970 is now linked to more than 40 companies around the world, including the British bank Virgin Money. UK Plc.
(The updates share the performance in the fourth paragraph.)