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 reached the stratosphere.
The billionaire has added about $ 2 billion to his fortune since early January, as shares in Virgin Galactic Holdings Inc. peaked after a succession of positive events.
First, there was Cathie Wood’s plan for a exchange-traded funds that track companies with a focus on space. So Virgin Galactic was drawn into the Reddit-fueled frenzy of retail investors investing against short shares. And finally, the news on Monday that the venture would resume test flights from its rocket-powered space plane. The stock has more than doubled this year.
Branson, whose Virgin Atlantic Airways Ltd. had to be rescued from the brink of collapse last year, it now has a record net worth of $ 7.8 billion, according to the Bloomberg Billionaires Index. His stake in Virgin Galactic represents almost half of his fortune. Shares in the Las Cruces, New Mexico-based company rose 3.1% at 9:37 am in New York, while many stocks popular with Reddit traders – including GameStop Corp. and AMC Entertainment Holdings Inc. – dropped down.
Space tourism is one of the last bets for Branson, 70, a series creator of companies ranging from record labels to soft drinks. The Virgin brand he founded as a direct mail retailer in 1970 is now linked to more than 40 companies worldwide, including British bank Virgin Money UK Plc.
(Updates the performance of sharing in the fourth paragraph.)