Richard Branson Reshapes Fortune With SPACs as Investors Torched (2)

Richard Branson made a fortune selling records. But one of Wall Street’s hottest pandemic plays is driving the billionaire’s wealth now, even as his and many other blank-check firms are slumping.

The Virgin Group founder has been a serial user of US special purpose acquisition companies, or SPACs, employing them to rapidly turn parts of his business empire into listed entities as well as to acquire stakes in companies such as Anne Wojcicki’s DNA-testing firm 23andMe Holding Co.

A SPAC set up by Virgin Group in 2021 completed its purchase last month of online retailer Grove Collaborative Holdings. While Grove’s performance ...