Branson: “No more cash for Virgin Galactic”
December 4, 2023
By Chris Forrester
Sir Richard Branson says he is not putting any more cash into the Virgin Galactic rocket space tourism venture. He told the FT that his business empire “does not have the deepest pockets” any more and that he had learned an expensive lesson with its Virgin Orbit business which went bust earlier in 2023.
Virgin Galactic was founded by Branson in 2004 and has over the past months let go a reported 180 staff and changed tack completely. The company will wrap up flights with its existing rocket plane while it spends some 18 months developing a larger vehicle.
Branson says he has put nearly $1 billion into Galactic. He now adds that the company must do its job on its own. Branson’s holding company owns about 7 per cent of Virgin Galactic.
Virgin Galactic has funds to take it to 2026 when it will enter its Delta spaceplane into service – and will charge up to $1 million per passenger for each flight to sub-orbital space. Current prices are said to be nearer $450,000 per passenger.