Branson's $520 Million Virgin Money Exit Exposes His SPAC Scars [BNN Bloomberg (Canada)]
Virgin Galactic Holdings, Inc. (SPCE)
Company Research
Source: BNN Bloomberg
Steep slumps in those US 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 Plc, the publicly traded component of Branson's wealth will soon nearly vanish. Read More: Nationwide Agrees Terms With Virgin Money on £3 Billion Deal 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 ($520 million) based on the terms of Nationwide's offer, his disclosed publicly traded holdings total less than $75 million. “It's hard in these times when things go wrong,” said Claire Madden, managing partner of London-based private equity firm Connection Capital. Branson's empire “had a big jolt from the sid
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SPCE
News
- ‘Galactic 07' Mission Launch Window Opens June 8 [Yahoo! Finance]Yahoo! Finance
- ‘Galactic 07’ Mission Launch Window Opens June 8Business Wire
- Virgin Galactic (SPCE) Stock Sinks As Market Gains: What You Should Know [Yahoo! Finance]Yahoo! Finance
- Why Investors Had a Meltdown Over Virgin Galactic's Reverse Split News [Yahoo! Finance]Yahoo! Finance
- Virgin Galactic (SPCE) Suffers a Larger Drop Than the General Market: Key Insights [Yahoo! Finance]Yahoo! Finance
SPCE
Earnings
- 2/27/24 - Beat
SPCE
Sec Filings
- 4/29/24 - Form DEFA14A
- 4/29/24 - Form ARS
- 4/29/24 - Form DEF
- SPCE's page on the SEC website