Branson’s $520 Million Virgin Money Exit Exposes SPAC Scars (1)

Virgin Group founder Richard Branson had almost $2 billion tied up in global stock markets a year or so ago, largely from several cash-burning US companies listed through blank-check firms.

Steep slumps in those US stocks have since cut their collective value by as much as 95%, and now, with Nationwide Building Society’s announced all-cash takeover of Virgin Money UK Plc, the publicly traded component of Branson’s wealth will soon nearly vanish.

Read More: Nationwide Agrees Terms With Virgin Money on £3 Billion Deal

Overall, Branson’s sinking stock holdings have cut his net worth by roughly half since mid-2022 ...