Sir Richard Branson Sells Shares in Virgin Galactic, Tanking Stock

This post was originally published on this site – Shares of Virgin Galactic Holdings (NYSE:SPCE) were big losers in Thursday’s session so far as the market didn’t take very kindly to its promoter, billionaire Sir Richard Branson, selling a part of his stake in the space travel company.

The stock was down 11%, a clear vote of no-confidence when just last month Chairman Chamath Palihapitiya sold his remaining stake in the company. Shares are down by more than half since hitting a high earlier this year.

Branson and entities owned by him sold 5.58 million shares or a 2.5% stake in the company for about $150 million. They still hold 24% stake in the company.

The sale of shares, done over last three days, happened at prices ranging from $26.41 to $28.91 per share. The stock’s current price is around 11% off the lower end of that range.

The sale is part of a plan sent to the SEC last month.