If Virgin boss Richard Branson weren’t so rich, he might a bit disheartened right now. According to The Times, the drop in Virgin Mobile USA’s share price have caused Branson a personal loss of over $250 million, with the stock falling by 85 percent since the company floated on the stock exchange.
The share price has fallen by over half in recent trading prompted by worse-than-expected forecase from the MVNO which analysts are putting down to a tough economic climate and fierce competition from rivals in the pre-paid market.
However, it’s not all bad news. The company increased its customer base to 5.1 million, net service revenues were up 20 percent and it cut its quarterly losses. It remains to be seen if this is a blip or the first sign of a mobile industry slowdown. Watch this spaceÃ¢â‚¬Â¦