Billionaire Richard Branson’s space empire teeters as Virgin Orbit flops

Billionaire RichardBranson’s space empire is getting a bruising reality check. Moneyweb BusinessNews

Billionaire Richard Branson’s space empire is getting a bruising reality check. Virgin Orbit, the satellite-launch firm that only a few months ago was poised to play a major role in Britain’s space program, filed for bankruptcy Tuesday after cash dried up. That dragged down the stock of Branson’s other space company, Virgin Galactic Holdings, whose shares hit the lowest level this year.

Branson has become a face of the industry alongside fellow billionaires Jeff Bezos and Elon Musk, particularly after the Biritish mogul’s 2021 space flight. Enthusiasm around that mission, aboard Virgin Galactic’s VSS Unity spaceship, sent Virgin Galactic’s market value above $13 billion. That company has had its struggles since. After Branson’s flight, it was revealed that the craft had deviated from its intended flight path during the trip, triggering a federal investigation.

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