Billionaire Branson’s Virgin Galactic plans for public market listing

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Billionaire Branson’s Virgin Galactic plans for public market listing

US billionaire Richard Branson’s space-tourism venture, Virgin Galactic, founded back in 2004 and headquartered in Mojave, California, had been exploring an option to go public as part of a deal with a special purpose acquisition company, created by the CEO of Social Capital LP, Chamath Palihapitiya, a person with direct knowledge regarding the subject matter had revealed on Tuesday, the 9th of July 2019.

Earlier a Wall St. Journal report had also revealed that SPAC or Social Capital Hedosophia Holdings Corp. of Chamath, another US billionaire and a former senior executive of Facebook Inc., would invest a lump-sum of $800 million for 49 percent stake in Virgin Galactic.

According to one of the sources, declined to be named as he was not authorized to talk about the subject-matter in public, the deal might be announced as early as by Tuesday (July 9th) morning US trading hours. Nonetheless, neither Social Capital nor Virgin Galactic commented on Tuesday (July 9th) while being asked about the whereabouts of the issue.

In point of fact, Branson’s Virgin Galactic has been racing against the Inc.’s founder and CEO Jeff Bezos’ Blue Origins, US-based another space business venture. However, back in 2014, one of Virgin Galactic’s SpaceShipTwo’s test flight ended up in a terrible accident that killed the co-pilot and injured the pilot grievously, but Branson said he would be the first passenger of SpaceShipTwo’s first commercial flight scheduled to be launched by mid-2019.