Virgin Group founder Richard Branson had almost $2 billion tied up in global stock markets a year or so ago, largely from several cash-burning US companies listed through blank-check firms.
Steep slumps in those stocks have since cut their collective value by as much as 95%, and now, with Nationwide Building Society’s announced all-cash takeover of Virgin Money UK, the publicly traded component of Branson’s wealth will soon nearly vanish, Bloomberg reports.
Overall, Branson’s sinking stock holdings have resulted in his net worth falling by roughly half since mid-2022 to about $3 billion, according to the Bloomberg Billionaires Index, underscoring how the post-pandemic economy is ravaging one of Britain’s biggest self-made fortunes. Outside his Virgin Money stake, which is worth roughly £413 million (US$520 million) based on the terms of Nationwide’s offer, his disclosed publicly traded holdings total less than $75 million. Read more.
