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Richard Branson Richer Than Ever From Reddit Traders and Space Plans

The billionaire has added about $2 billion to his wealth since the start of January as shares in Virgin Galactic Holdings Inc. have surged to a peak after a succession of positive events.

First there was Cathie Wood’s plan for an exchange-traded fund tracking space-focused companies. Then Virgin Galactic was drawn into the Reddit-fueled frenzy of retail investors pouring into shorted stocks.

And finally the news on Monday that the venture would resume test flights of its rocket-powered spaceplane. The stock has already more than doubled this year.

Branson, whose Virgin Atlantic Airways Ltd. had to be rescued from the brink of collapse last year, now has a record net worth of $7.8 billion, according to the Bloomberg Billionaires Index.

His stake in Virgin Galactic makes up almost half of his fortune. Shares in the Las Cruces, New Mexico-based company were up 10% at 7:54 a.m. in early trading in New York, while many stocks popular with Reddit traders — including GameStop Corp. and AMC Entertainment Holdings Inc. — were tumbling.

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