Richard Branson stops investing in Virgin Galactic

Richard Branson, the founder of Virgin Galactic, has announced that he no longer plans to invest in the company, which is showing losses. He told the Financial Times about it.

"After the Covid era, we don't have the same deep pockets, and Virgin Galactic has about $1 billion. I think it should have enough money to operate independently," the businessman said.

Branson emphasized that he remains a supporter of the Virgin Galactic project and recognizes its success as a technology for commercial spaceflight. The company recently completed its sixth commercial flight in just six months, and ticket prices start at $450 thousand.

Virgin Group continues to be one of Galactic's largest shareholders, despite selling more than $1 billion worth of shares in 2020 and 2021 and reducing its stake to 7.7%.

This move is indicative of Virgin Galactic's strategic course to achieve financial sustainability and independence from external investment, even as it makes progress in commercial space travel.

In his statement, Branson emphasized the importance of the company's financial autonomy and expressed confidence in its ability to continue to impress the global community and develop the commercial spaceflight industry.