By Ben Stupples
Richard Branson is expected to fly into space this year, but his fortune has already hit the stratosphere.
The billionaire has added $1.8 billion to his wealth since mid-January as shares in Virgin Galactic Holdings Inc. have surged to a peak after a succession of positive events.
First there was Cathie Wood’s plan for an exchange-traded fund tracking space-focused companies. Then Virgin Galactic was drawn into the Reddit-fueled frenzy of retail investors pouring into shorted stocks. And finally the news on Monday that the venture would resume test flights of its rocket-powered spaceplane. The stock has already more than doubled this year.
Branson, whose Virgin Atlantic Airways Ltd. had to be rescued from the brink of collapse last year, now has a record net worth of $7.8 billion, according to the Bloomberg Billionaires Index. His stake in Virgin Galactic makes up almost half of his fortune.
Space tourism is one of the latest bets by Branson, 70, a serial creator of companies ranging from record labels to soft drinks. The Virgin brand he founded as a mail-order retailer in 1970 is now linked to more than 40 businesses worldwide, including British bank Virgin Money UK Plc.
Richard Branson is expected to fly into space this year, but his fortune has already hit the stratosphere.
The billionaire has added $1.8 billion to his wealth since mid-January as shares in Virgin Galactic Holdings Inc. have surged to a peak after a succession of positive events.
First there was Cathie Wood’s plan for an exchange-traded fund tracking space-focused companies. Then Virgin Galactic was drawn into the Reddit-fueled frenzy of retail investors pouring into shorted stocks. And finally the news on Monday that the venture would resume test flights of its rocket-powered spaceplane. The stock has already more than doubled this year.
Branson, whose Virgin Atlantic Airways Ltd. had to be rescued from the brink of collapse last year, now has a record net worth of $7.8 billion, according to the Bloomberg Billionaires Index. His stake in Virgin Galactic makes up almost half of his fortune.
Space tourism is one of the latest bets by Branson, 70, a serial creator of companies ranging from record labels to soft drinks. The Virgin brand he founded as a mail-order retailer in 1970 is now linked to more than 40 businesses worldwide, including British bank Virgin Money UK Plc.
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