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Branson to sell $400m of shares in his Virgin Galactic to save Virgin Atlantic

Posted 12 May 2020 · Add Comment

Virgin Atlantic has announced it will fly to 24 destinations in 2021 after Richard Branson sold $400m of shares in Virgin Galactic to save the airline.

 

The Virgin Group has announced that its Vieco investment vehicle is selling up to 25 million shares in Virgin Galactic.  

20% of this money belongs to Branson’s partners in Vieco, Abu Dhabi’s sovereign wealth fund, leaving Virgin Group with $400 million to distribute.

Virgin Galactic said in a statement it will “support its portfolio of global leisure, holiday and travel businesses that have been affected by the unprecedented impact of COVID-19.”

Branson owns 51 percent stake in Virgin Atlantic.

 

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