Connect with us

Tech News

Richard Branson’s Virgin Galactic will be the first publicly traded company for human spaceflight – TechCrunch

Published

on

The race to become the first publicly traded company dedicated to human spaceflight is over, and Virgin Galactic has won.

The company will be listing its shares on the New York Stock Exchange through a minority acquisition made by Social Capital Hedosophia; the special purpose acquisition company created by former Facebook executive Chamath Palihapitiya as part of his exploration of alternative strategies to venture capital investing as the head of Social Capital — according to a report in The Wall Street Journal.

Formed with a $600 million commitment roughly two years ago, the SPAC is expected to make an $800 million commitment to Virgin Galactic, according to the Journal’s reporting.

Unlike other launch companies like Elon Musk’s Space Exploration Technologies Corp., Virgin Galactic has focused on suborbital launches for conducting experiments and taking tourists up to space. SpaceX is investing more heavily in the development of launch capabilities for lunar and interplanetary travel — and commercial applications like Internet connectivity via satellite.

Jeff Bezos’ Blue Origin also reportedly has plans for space tourism while pursuing several commercial and government launch contracts (and a lunar lander).

Virgin Galactic was initially in discussions with the kingdom of Saudi Arabia for a roughly $1 billion capital infusion, but Virgin Galactic’s billionaire chief executive, Richard Branson, walked away from the deal in the wake of the kingdom’s assassination of Washington Post journalist, Jamal Kashoggi.

That’s when Palihapitiya stepped in, according to the Journal. The billionaire financier needed to do something with the capital he’d raised for the Hedosophia SPAC since the investment vehicles have to make an investment within a two-year timeframe or be wound down.

Likely, the Virgin Galactic business made a tempting target. The company already has roughly $80 million in commitments from people around the world willing to pay $250,000 for the privilege of a suborbital trip to the exosphere.

Virgin Galactic launched as a business in 2004, two years after SpaceX made its first fledgling steps toward creating a private space industry, and was the first company to focus on space tourism and launching small satellites into orbit. The company’s commercial division, Virgin Orbit, is still competing for satellite launch capabilities.

Like most privately funded space companies, Virgin Galactic was a pet project of the billionaire behind it, with the Journal estimating that Branson has put nearly $1 billion into the company already.

The new $800 million means that the SPAC isn’t the only investor in Virgin Galactic. Palihapitiya is taking a $100 million investment into the company too. In return the vehicle will own roughly 49% of the spaceflight business as it trades on the open market.

 

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Tech News

12 Best Uses For Old Computer Keyboards

Published

on

Maybe you want to wear your love of keyboards on your sleeve, but earrings and charm bracelets are just a little too ostentatious for your taste. Enter the subtler and more stylish buttons and cufflinks. Not only is this a more discreet way of keeping your old keyboard close, but it’s also among the easiest projects we have for you.

You’ll only need a few supplies, at least one of which you already have at hand. There aren’t any scissors or saws, and you won’t be using any power tools. All you need is your old keyboard, an adhesive like epoxy, and the base of a cufflink or button, both of which you can find at your local craft store or online.

Before you get started, however, take a moment to inspect your keyboard. Consider the wide array of buttons, each with its own special function. Now choose your favorites. Those are the keys you want to carefully remove. If you’re making cufflinks, you’ll need at least two keys. If you’re making buttons, the sky’s the limit.

Now take out a flathead screwdriver — the only tool you’re going to need — and pop the keys you’ve chosen off of the keyboard frame. Once you’ve got them all liberated, generously apply adhesive to the back side of each key and jam the cufflink or button base right in there. Wait for it to cure and you’re ready to attach them to your favorite threads.

Continue Reading

Tech News

28% Of Car Lovers Most Want To Own This Banned Vehicle

Published

on

In a SlashGear poll with 590 U.S. respondents, 27.97% said they would love to own Lamborghini Diablo Strosek. The Italian supercar is not street legal in the U.S. because it’s too fast. If pushed to the limit, the Lamborghini Diablo can exceed 200 mph — this made it the fastest car when it was released in 1990. But it was a German designer known as Vittorio Strosek who modified it and made it even more difficult for it to pass the FMVSS regulations. Because of the 25-year rule, you’re only allowed to import a Lamborghini Diablo that was produced between 1990 to 1997.

The second most popular option in the poll was the Porsche 959, which was picked by 25.25% of the respondents. Just like Lamborghini Diablo, Porsche 959 is super-fast but it doesn’t exceed 200 mph — the best it can do is 198 mph in the Sport variant. However, the real reason Porsche 959 was never sold in the U.S. is that the automaker didn’t want to have its very expensive cars crash tested by NHTSA. Despite the Porsche 959 quickly selling out after it was released, the manufacturer was making a loss selling the car — and if NHTSA crash tested a minimum of four cars, it would have lost more money.

Besides that, 19.83% of the participants said they would prefer Honda ATC and 16.95% wanted Nissan GT-R Skyline. The Smart Crossblade was the least popular option at 10%. 

Continue Reading

Tech News

The Reason Why NYC Destroys Hundreds Of Dirt Bikes And ATVs Each Year

Published

on

In 2021, eight people were killed by dirt bikes or ATVs, and the New York Police Department, along with then-Mayor Bill de Blasio, went on a crusade to get rid of illegal vehicles, according to The City. By the end of the year, the city had seized and subsequently destroyed approximately 500 bikes. As many as 3,000 were ultimately crushed under the tracked wheels of a bulldozer in 2021 (via The City).

When new Mayor Eric Adams took office on January 1, 2022, he continued the fight. By June, they had seized over 2,000 bikes — almost 80% over the number they took by that time the previous year. And there’s no sign of letting up, with the police nabbing more than 250 on a single Sunday in August.

The dirt bikes and ATVs are not street legal to begin with, lacking several required features like turn signals, brake lights, and mirrors. According to the New York Department of Motor Vehicles, any 1985 or newer motorcycle must be equipped with directional or turn signals that show amber to the front and red or amber to the rear. It must also have an adjustable rear view mirror, a red stop lamp on the back, and a headlamp on the front of the vehicle. None of these things are found on a vast majority of the illegal vehicles that, as Mayor Adams put it, are continuing to terrorize the city.

Continue Reading

Trending