Billionaire Branson Won’t Put More Money in Virgin Galactic

(Bloomberg) -- Richard Branson doesn’t plan further investments in Virgin Galactic Holdings Inc., the unprofitable space tourism venture he founded, the Financial Times reported.

Branson’s business empire doesn’t have the “the deepest pockets” following the Covid-19 pandemic, the British billionaire told the FT in an interview, adding that he believes Virgin Galactic should have enough funds.

Virgin Galactic last month said it’ll cut 18% of its workforce and pause space flights from mid-2024 to cut costs and focus on developing its new launch vehicle.

Read More: Virgin Galactic Cuts Staff, Flights Ahead of Delta Rollout

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Author: Leonard Kehnscherper