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02 Feb 2021 | 12:25

Richard Branson makes fortune from Reddit traders

(Sharecast News) - Richard Branson added $1.8bn to his personal wealth in under a month after shares in Virgin Galactic were targeted by traders on Reddit, triggering a surge in their value. Branson, whose Virgin Atlantic Airways had to be rescued from going under in 2020, was now worth $7.8bn, reported Bloomberg on Tuesday.

That was due to the fact that his stake in Virgin Galactic accounted for almost half of his total fortune.

Stock in his airline was already rising thanks to Cathie Wood's plan for an exchange-traded fund tracking space-focused companies.

It shortly caught the attention of traders on the social media platform and was pulled into the frenzy that has permeated shorted stocks on Wall Street over the past weeks.

It has also benefited from the positive news published on Monday that it would resume test flights for rocket-powered spacepanes.

As a result the stock price more than doubled in all of 2021.
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