Having built a multi-billion dollar fortune from record shops, planes, trains, gyms, and many more Virgin branded businesses over his 50-year-long business career, British billionaire Richard Branson could soon have over half of his estimated fortune listed in two high risk and unproven space startups, Forbes reports.
Currently around $2 billion of Branson’s $5 billion estimated net worth comes from his stake in Virgin Galactic, the space tourism venture that went public in 2019. Reports emerged last week that Virgin’s second space startup, Virgin Orbit—a small satellite launcher based in the U.S. and U.K.—is looking to go public via a SPAC merger, seeking a valuation of around $3 billion.
The listing would tip the balance on Branson’s portfolio, and further shift the fortune of an entrepreneur who has made billions building traditional businesses on the strength of the Virgin brand, further towards a new highly risky and expensive industry. Read more.
