Richard Branson to Sell 25 Million Shares in Virgin Galactic to Battle Pandemic Impact

Richard Branson, Founder of Virgin Galactic poses before ringing the First Trade Bell to commemorate the company's first day of trading on the New York Stock Exchange (NYSE) in New York City on Oct. 28, 2019. Johannes Eisele/AFP via Getty Images

Billionaire Richard Branson’s Virgin Group said on Monday that it may sell up to 25 million shares of space tourism company Virgin Galactic Holdings Inc to raise funds amid the COVID-19 pandemic.

The company said it intends to use the proceeds to support its portfolio of global leisure, holiday, and travel businesses that have been affected by the impact of CCP (Chinese Communist Party) virus, commonly known as novel coronavirus.