Branson has billions he can’t even touch

Follow Us Richard Branson Doesn't Have a Drop to Drink — Chris Bryant On Monday, Richard Branson, the billionaire entrepreneur and occasional poet, penned an extraordinary public letter appealing to the British government to provide an emergency loan to prevent the collapse of transatlantic carrier Virgin Atlantic Airways Ltd., which he owns jointly along with Delta Air Lines Inc. of the U.S. Travel restrictions to curb the new coronavirus have walloped Branson's travel and leisure holdings. He's already spent $250 million to support his various Virgin Group portfolio companies, but most of his $5.9 billion net worth isn't "sitting as cash in a bank account ready to withdraw," Branson said. That has forced him to consider the drastic step of mortgaging his beloved Caribbean island home, which doubles as an ultra-expensive retreat. On one level Branson's predicament is simple, and pretty common for someone about to turn 70: He's asset-rich, and cash-poor. But considering his pretty relaxed approach to business, Branson's financial arrangements — spanning his British Virgin Islands tax residency and a portfolio of often debt-laden holdings — are as complicated as they come. Read the whole thing. How Bad Might It Get? Think the Great Depression — Noah Smith Trump Is Breaking the Presidency to Save His Re-Election — Noah Feldman There's Nowhere to Put the Oil — Matt Levine Don't Expect Boris Johnson to Be the Same Prime Minister — Therese Raphael U.S. State Bankruptcy Was a Farce Then and Now — Brian Chappatta Don't Worry (Yet) About China Taking Over the World — Nisid Hajari A Look at Economies and Markets After Covid-19 — A. Gary Shilling Immigration Will Be Another Casualty of the Coronavirus — Tyler Cowen The Statistical Case for Reopening Georgia Is Weak — Max Nisen This is the Weekend Edition of Bloomberg Opinion Today, a roundup of the 10 most popular stories Bloomberg Opinion published this week based on web readership, plus some other stuff sometimes thrown in.   Before it's here, it's on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. Learn more.   You received this message because you are subscribed to Bloomberg's Bloomberg Opinion Today newsletter. Unsubscribe | Bloomberg.com | Contact Us Bloomberg L.P. 731 Lexington, New York, NY, 10022