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Richard Branson wants to raise $460 million for a new blank check company

Richard Branson wants to raise $460 million for a new blank check company

In order to create a new special purpose acquisition company, or SPAC, called VG Acquisition, Richard Branson is hoping to raise $460 million. This move by the billionaire makes him one of the latest in line to set up an SPAC. The company has said that it is looking at selling 46 million units each priced at $10. The same was stated in a filing with the Securities and Exchange Commission.

Sandra
Sandra
Noah PaulOG
Noah PaulOG 0 months

So.... he's taking his bail-out money to start a Vulture Capital company?

James
James 0 months

So let me get this straight, a SPAC (funded by shareholders) is designed to buy floundering businesses at bargain prices - like those deeply affected by covid19. Let's think....there's Virgin Australia, Virgin Atlantic, Virgin Rail, Virgin Cruiselines etc. etc.

E
E 0 months

Scum, first on the fire.

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