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 nearly $ 2 billion to his wealth since early January as shares Virgin Galactic Holdings Inc. has reached its peak after a succession of positive events.
First there was Cathie Wood’s plan for one stock market monitoring companies. Virgin Galactic was then drawn to the Reddit-fueled frenzy of retail investors that turned into short-lived stocks. And finally on Monday the news that the company would resume test flights of its rocket-powered spacecraft. Stocks have already more than doubled this year.
Branson, which was to be Virgin Atlantic Airways Ltd. rescued on the brink of collapse last year, now has a record $ 7.8 billion in assets, according to the Bloomberg Billionaire Index. His participation in Virgin Galactic represents almost half of his fortune. Shares of the Las Cruces, New Mexico-based company rose 3.1% at 9:37 a.m. in New York City, while many shares were popular with Reddit operators, including GameStop Corp. and AMC Entertainment Holdings Inc. he fell.
Space tourism is one of the last bets of Branson, 70, creator of a series of companies ranging from record companies to soft drinks. The Virgin brand, which he founded as a mail order retailer in 1970, is now linked to more than 40 companies worldwide, including the British bank Virgin Money. UK Plc.
(Updates share performance in the fourth paragraph.)