Two Billionaires Want to Restore the Glory of the U.S. Railroads
Wes Edens and Richard Branson are behind the IPO of Virgin Trains U.S.A. Its Florida plan is admirable, but the financial and business challenges are huge.
Can Richard Branson and Wes Edens rekindle America's love affair with the railways?
Photographer: Mark Elias/Bloomberg
When American industrialist Henry Flagler decided to add Miami as a stop on his east coast Florida railway in the 1890s, the watery settlement had just a few hundred inhabitants. More than a century later, the city has flourished but the American public’s love affair with trains has soured. The country’s rail freight network is among the world’s best; its passenger rail services certainly aren’t.
Now, a couple of modern-day Flaglers — Wes Edens, co-founder of Fortress Investment Group LLC, and Virgin Group’s Richard Branson — aim to change that. They still need to persuade investors to come along for the ride.