U.S. President Donald Trump on Tuesday urged California to allow Tesla Inc to reopen its electric vehicle assembly plan. On Monday, Tesla Chief Executive Elon Musk said production was resuming at the automaker’s sole U.S. vehicle factory, defying an order to stay closed and saying if anyone had to be arrested it should be him. Tesla did not immediately comment on Trump's tweet....
(Bloomberg) -- Covid-19 is exacting a heavy financial toll on one of the world’s most-recognizable entrepreneurs.Richard Branson already has pledged a Caribbean island and at least $250 million to shore up a leisure and travel empire roiled by the coronavirus pandemic. Now he’s selling a chunk of his stake in Virgin Galactic Holdings Inc., his most valuable listed asset, to raise as much as $500 million.Over the past half century, Branson built Virgin Group into a sprawling collection of businesses with annual revenues exceeding $20 billion. But his practice of plunging most of the profits back into the ventures has left him scrambling for cash as governments balk at bailing out a billionaire famous for his flamboyant publicity stunts.“He’s made a career for himself as the ultimate disruptor,” said David Hawkins, co-founder of family business consulting firm Percheron Advisory. “But now he’s faced with a disruptive world and, ironically, it’s not...
As the U.S. travel industry remains mostly shutdown, one industry remains set to be hit the hardest. While airlines continue to fly drastically reduced schedules, the cruise lines are shutdown with major questions on future demand.As the coronavirus swept through parts of Asia, the Diamond Princess cruise ship was hit with tons of cases and numerous deaths. The way passengers were quarantined on the ship and subsequent events should really question the legitimate demand for cruising in the near-term. Long-term, passengers have always come back from other virus outbreaks and initial signs for 2021 demand are already positive.Even worse, the cruise lines weren’t considered essential by the U.S. government and failed to obtain financial aid. The best way to value these cruise lines stocks is based on liquidity to survive a weak 2020 with positioning towards a stronger time in 2021.Unlike the airlines that have maintained operations and kept employees, the...
