SpaceShipTwo “Unity” on the runway after a space flight test aborted on December 12, 2020.
Virgin Galactic
A Virgin Group spokesman told CNBC that the firm “intends to use the net proceeds from this sale to support its global leisure, vacation and travel business portfolio that continues to be affected by the impact unprecedented COVID-19 “. This is the second time Branson has sold shares of Virgin Galactic to help Virgin Group, as it sold about $ 500 million of its stake last May.
Virgin Galactic continues to work to complete the development of the spacecraft it plans to use to fly people to the edge of space and back. The company suffered a setback in December, when electromagnetic interference caused an early abortion of its last space flight attempt. The next attempt is expected in May.
Development delays have pushed back Virgin Galactic’s planned debut of its space tourism service, with CEO Michael Colglazier expecting the company not to start flying commercial flights until early 2022.
Virgin Galactic expects to do four more spaceflight tests with its “VSS Unity” spacecraft, including Branson’s flight this summer.