SpaceShipTwo “Unity” on the runway after an aborted space flight test on December 12, 2020.
Virgin Galactic
A Virgin Group spokesman told CNBC that the company “intends to use the net proceeds from this sale to support its global leisure, vacation and travel business portfolio, which continues to be affected by the unprecedented impact of COVID-19.” ”. This is the second time Branson has sold Virgin Galactic shares to help Virgin Group, as it sold about $ 500 million of its stock last May.
Virgin Galactic continues to work to complete the development of the spacecraft it intends to use to fly humans to the edge of space and back. The company suffered a setback in December, when electromagnetic interference caused the early interruption of the latest space flight attempt. The next test is expected in May.
Development delays have pushed back Virgin Galactic’s planned launch of its space tourism service, with CEO Michael Colglazier saying the company does not expect to begin commercial flights until early 2022.
Virgin Galactic expects to fly four more spaceflight tests with its “VSS Unity” spacecraft, including the Branson flight this summer.