Richard Branson Using Virgin Galactic Investment to Aid His Other Businesses

Sir Richard Branson's Virgin Group brought space tourism company Virgin Galactic (NYSE: SPCE) public in the fall of 2019. Now, Branson's company is planning to sell 12% of its stake in the venture to help support its other travel and tourism related businesses as impacts from the COVID-19 pandemic hit the industry particularly hard, the Wall Street Journal reports.

British airline Virgin Atlantic -- 51% owned by Branson and 49% by Delta Air Lines (NYSE: DAL) -- recently announced it was laying off 3,150 employees in an effort to emerge from the crisis successfully. Branson had also recently asked the UK government for £500 million (approximately $620 million) in aid to help save the airline.

Source Fool.com