Virgin Galactic falls as billionaire Branson sells stake worth $300 million
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WEDNESDAY, JULY 06, 2022
Virgin Galactic falls as billionaire Branson sells stake worth $300 million

Global Economy

Reuters
13 August, 2021, 06:55 pm
Last modified: 13 August, 2021, 06:58 pm

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Virgin Galactic falls as billionaire Branson sells stake worth $300 million

The move comes a month after the space tourism company completed its first fully crewed test flight into space with Branson on board

Reuters
13 August, 2021, 06:55 pm
Last modified: 13 August, 2021, 06:58 pm
A Banner hangs outside the New York Stock Exchange (NYSE) ahead of the Virgin Galactic (SPCE) IPO in New York, U.S., October 28, 2019. REUTERS/Brendan McDermid
A Banner hangs outside the New York Stock Exchange (NYSE) ahead of the Virgin Galactic (SPCE) IPO in New York, U.S., October 28, 2019. REUTERS/Brendan McDermid

Shares of Virgin Galactic Holdings Inc fell more than 3% on Friday after its founder and British billionaire Richard Branson sold a portion of his stake for nearly $300 million.

Branson sold more than 10 million shares between Aug. 10 and 12, according to a regulatory filing from late Thursday.

The move comes a month after the space tourism company completed its first fully crewed test flight into space with Branson on board.

The latest share sale leaves Branson with about 46.3 million shares worth roughly $1.2 billion as of the stock's last closing price. He had in April sold stock worth over $150 million.

Branson's Virgin Investments is one of the biggest shareholders of the space tourism company and has a stake of about 22% as of June, according to Refinitiv data.

The company's shares were last down at $25.09 in premarket trade on Friday.

World+Biz

Virgin Galactic / Richard Branson

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