Branson Has Billions He Can’t Even Touch
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Perception belies reality.
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On Monday, Richard Branson, the billionaire entrepreneur and occasional poet, penned an extraordinary public letter appealing to the British government to provide an emergency loan to prevent the collapse of transatlantic carrier Virgin Atlantic Airways Ltd., which he owns jointly along with Delta Air Lines Inc. of the U.S.
Travel restrictions to curb the new coronavirus have walloped Branson’s travel and leisure holdings. He’s already spent $250 million to support his various Virgin Group portfolio companies, but most of his $5.9 billion net worth isn’t “sitting as cash in a bank account ready to withdraw,” Branson said. That has forced him to consider the drastic step of mortgaging his beloved Caribbean island home, which doubles as an ultra-expensive retreat.