Yeah I thought this all along. The company really was just ego stroking for Mr Billionaire. Note for all, he has enough cash to keep funding this himself.
The reality is now that economy is worse all the frivolous stuff like this is going to be cut.
The reality is now that economy is worse all the frivolous stuff like this is going to be cut.
The modus operandi is to slap the "Virgin" brand onto a venture - lending the brand in return for some equity. If the dice roll between a 5 and a 9 he cashes out - every other outcome, someone else loses.
Its not far off the Dragons Den model of venture capitalism, and seems to be somewhat of the basis for the Celebrity SPAC model.
I wonder why would a space company go for that deal? I understand if you're building some consumer-grade service and need the brand recognition, but if you're one of a dozen companies actually capable of going to space, who cares about the brand?