No Further Investments in Virgin Galactic, Says Richard Branson

Sir Richard Branson has ruled out putting more money into his lossmaking space travel company Virgin Galactic, saying his business empire "does not have the deepest pockets" any more. From a report: Virgin Galactic, which was founded by Branson in 2004, last month announced it was cutting jobs and suspending commercial flights for 18 months from next year, in a bid to preserve cash for the development of a larger plane that could carry passengers to the edge of space. The group has said it has enough funding to carry it through to 2026, when the bigger Delta vehicle is expected to enter service. But some analysts are expecting Galactic to ask investors for more money in about 2025. Asked whether he would consider putting more cash into the business if needed, Branson told the Financial Times: "We don't have the deepest pockets after Covid, and Virgin Galactic has got $ 1 billion, or nearly. It should, I believe, have sufficient funds to do its job on its own." Branson said he was "still loving" the Virgin Galactic project and that it had "really proved itself and the technology" of commercial space flight. Galactic has just completed its sixth commercial flight in six months, with tickets starting at $450,000 a seat on its rocket-powered Unity space plane.

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