The modern-day space race just took a major step toward maturity, with Sir Richard Branson's announcement that Virgin Galactic will go public. When it lists later this year, Virgin will become the first publicly traded space-tourism company.
Branson made the announcement Tuesday morning along with the venture capitalist Chamath Palihapitiya, whose Social Capital Hedosophia will act as an SPAC ー essentially a public shell company ー to help take Virgin Galactic public. Social Capital Hedosophia will invest $800 million in Virgin in exchange for a 49 percent stake, according to the the Wall Street Journal.
The offering could help Virgin Galactic operate its first private flights to space, which Branson said are planned for next year. The company says 600 people have already paid a combined $80 million for seats on those flights, which will be short, suborbital launches ー at least at first. Branson is competing with Blue Origin, founded by Jeff Bezos, and Elon Musk's SpaceX, to see who can send the first tourists into space.
Founded in 2004, Virgin Galactic began as a pet project of Branson's but has matured into a legitimate spaceflight company by inventing cheap, innovative ways to launch rockets into the atmosphere, such as via carrier planes. Saudi Arabia's sovereign wealth fund had plans to invest $1 billion into the company, but Branson walked away from those discussions after the murder of dissident journalist Jamal Khashoggi last year. It was at that point that he was approached by Palihapitiya, a former Facebook executive, who floated the idea of using his SPAC as the vehicle for a public offering for Virgin Galactic, according to the Journal.
In a statement announcing the plans, Branson said: "We are at the dawn of a new space age, with huge potential to improve and sustain life on Earth."
“By embarking on this new chapter, at this advanced point in Virgin Galactic’s development, we can open space to more investors and in doing so, open space to thousands of new astronauts.”
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
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