Richard Branson’s Orbit Ambitions Fail
Posted on 04/07/2023
Richard Branson’s plan to launch satellites into orbit has been turned to space dust as the company Virgin Orbit filed for bankruptcy. This comes after a failure in the U.K. earlier this year where nine satellites fell to the ground after launch. Virgin Orbit is now seeking Chapter 11 bankruptcy protection. CEO Dan Hart said: “We ultimately must do what is best for the business.” Despite launching over 30 satellites, finances strained significantly. A closer look into Virgin Orbit’s finances reveal little institutional enthusiasm, with merely 4.6% of outstanding shares being owned by institutions, though it did make the USAA Extended Market Index Fund. USAA is the financial services company that offers products to those who have served in the American Armed Forces.
Richard Branson
Richard Branson will likely shrug off the failure, as he has seen several businesses fail over the years, including a vodka brand and a clothing line. Branson began with a humble mail-order business that turned into his own music company. He eventually signed major acts include The Rolling Stones. His personal net worth is US$ 3.6 billion, but he is far from the richest person in the world. That distinction goes to Bernard Arnault, who has US$ 226 billion in personal assets. He is the CEO of LVMH, a luxury goods company best known for the Louis Vuitton handbags.
