Business

Richard Branson splits up US$1.7b stake in Virgin Galactic


The distribution follows Mr Branson selling part of his Virgin Galactic stake to support his broader business empire amid the coronavirus pandemic.


Part of that deal included about £200 million that Mr Branson got from diluting his stake in Virgin Galactic.


"Following the recent sale of shares, it was agreed by the shareholders in Vieco 10 to distribute their remaining holdings," Virgin Group spokesperson Nick Fox said in a statement.


Vieco 10 also holds shares in another Branson company, Virgin Orbit, which it will retain, Fox said.


Space tourism is one of the latest bets by Mr Branson, a serial creator of companies ranging from record labels to fizzy drinks.


Aabar and Mr Branson both are subject to lock-up requirements until October 2021 for about three-quarters of their individual Virgin Galatic shares, according to the filing.






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