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| Coronavirus: Branson to sell Galactic stake to prop up Virgin | Coronavirus: Branson to sell Galactic stake to prop up Virgin |
| (32 minutes later) | |
| Sir Richard Branson is selling a stake in Virgin Galactic to raise $500m to prop up his other businesses including Virgin Atlantic. | Sir Richard Branson is selling a stake in Virgin Galactic to raise $500m to prop up his other businesses including Virgin Atlantic. |
| The billionaire has been criticised for seeking financial help from the taxpayer for the airline. | |
| Sir Richard will now to sell a share of his space exploration business. | |
| Virgin Group said it will use the proceeds to support its "leisure, holiday and travel businesses" hit by "the unprecedented impact" of Covid-19. | Virgin Group said it will use the proceeds to support its "leisure, holiday and travel businesses" hit by "the unprecedented impact" of Covid-19. |
| Virgin Atlantic said last week it would cut more than 3,000 jobs and end its operation at Gatwick. | Virgin Atlantic said last week it would cut more than 3,000 jobs and end its operation at Gatwick. |
| Virgin's Australian airline entered administration last month. | |
| The airline industry has been struggling as the coronavirus pandemic brought global travel almost to a halt. | |
| In April, Sir Richard - who owns 51% of Virgin Atlantic - offered to put his luxury Necker Island resort up as collateral to secure a UK government loan, believed to be around £500m. |