“Virgin intends to use any proceeds to support its portfolio of global leisure, holiday and travel businesses that have been affected by the unprecedented impact of COVID-19,” Branson's Virgin Group said in a statement.
Up to 25mln shares, or 22% of Branson's stake, of Virgin Galactic will be sold on the market in ad hoc sales by its stockbrokers, the privately held firm said.
Last week Virgin Atlantic revealed that it will make a third of its staff redundant as part of its attempts to survive the drop-off in demand as a result of the coronavirus pandemic.
The transatlantic airline, which is 51%-owned by Virgin Group, has been unable to agreed the terms of a rescue package with the UK government, which forced Branson, who has an estimated fortune of more than £4bn, to put up his private Caribbean island as collateral.
The total 22% stake was worth over US$2.3bn based on Fridays closing price of US$20.18 but Virgin Galactic shares fell 3% to US$19.49 in early trading on Wall Street on Monday.
Virgin Galactic, which possess a commercial space launch license and plans to take passengers for a few minutes of weightlessness at the edge of space, Read More – Source