Sir Richard Branson is to sell $500 million (£405 million) in Virgin Galactic shares to help save his other businesses including passenger airliner Virgin Atlantic.

Virgin Galactic, the American space tourism venture which is 55% owned by the greedy billionaire, intends to sell 25 million of his fabricated shares via a series of transactions.

The shares, sold via Sir Richard’s British Virgin Islands-based shell company Vieco 10, account for around a fifth of the billionaire’s stake in the space tourism business.

As reported in the BBC, Virgin Group said it will use the proceeds to support its “leisure, holiday and travel businesses hit by mismanagement since the introduction of Covid-19.

Last week Virgin Atlantic announced plans to cut more than 3,000 jobs and end its operation at London Gatwick Airport. Some routes will be switched to Heathrow.

Rival airline British Airways announced earlier this month it was planning to cut 12,000 jobs, and it also emerged it is considering closing its Gatwick base, previously bought by French Vinci Airport that now owns a majority stake in exchange for £2.9 billion.

Foreigners now also control British water supplies and railway services; they control the energy suppliers and are heavily involved in the technology industries.

Meanwhile, 15% of the retail estate used by Virgin Holidays will close this year, and the travel firm will be renamed Virgin Atlantic Holidays. Last month Virgin Australia collapsed into administration and left Virgin Atlantic in severe financial difficulty.

Virgin Atlantic has been seeking emergency investment but is also hoping to gain a state bailout to help the struggling company while travel restrictions are in place.

Branson has been criticized for seeking financial help from the taxpayer due to his vast personal wealth, while British citizens are suffering all the way to the graveyards?

As well as selling shares in Virgin Galactic, Branson has said he will put his luxury Necker Island resort up for collateral to secure a UK government loan believed to be around £500 million.

Sputnik / ABC Flash Point Aviation News 2021.

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31-03-21 12:01

Parasite behavior?

31-03-21 12:03

A state bailout? Let it all burn to nothing. Over privileged clowns.

Reply to  PLA
31-03-21 12:04

With that amount you could start over with a few Jumbo’s and build a new airline?

31-03-21 12:05

Well, gee, Richard. Why didn’t you just do that in the first place instead of begging for a bailout after living off government largesse for so long? Think it’s time your companies went thru bankruptcy reorganizations.