Billionaire Richard Branson sold Virgin Records for £55m to expand his business empire and eventually reach space travel.
Richard Branson, the billionaire founder of the Virgin Group, reveals that a tough business decision helped him build his $2.5bn net worth and ultimately led him to space travel. The critical moment, as shared in CNBC Make It's The Moment series, was when Branson decided to sell Virgin Records for a profit of around £55m, about a year's earnings. This choice allowed him to reallocate resources and focus on other ventures, which subsequently contributed to his business empire's growth.
April 29, 2024
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