- Virgin Galactic Holdings share price fell by almost 3 percent to $25.18 on Friday after its founder, British billionaire Richard Branson, sold some $300 million of his own holdings
- A spokesperson from Branson’s Virgin Group said the funds from the sale will be used to support its travel and leisure businesses affected by the COVID-19 pandemic
- The sale leaves Branson with some 46.3 million shares worth roughly $1.2 billion as of the latest stock closing price
NEW YORK CITY, New York: Virgin Galactic Holdings share price fell by almost 3 percent to $25.18 on Friday after its founder, British billionaire Richard Branson, sold some $300 million of his own holdings.
According to a regulatory filing on Thursday, Branson sold more than 10 million shares between August 10 to 12, one month after the space tourism company completed its first fully crewed test flight into space with Branson on board.
A spokesperson from Branson’s Virgin Group said the funds from the sale will be used to support its travel and leisure businesses affected by the COVID-19 pandemic, as well as develop new businesses.
The sale leaves Branson with some 46.3 million shares worth roughly $1.2 billion as of the latest stock closing price. In April, he sold stocks worth over $150 million.
According to data from Refinitiv, Branson’s Virgin Investments is the space company’s largest shareholder, with a stake of some 22 percent, as of June.
