Virgin Galactic Founder Sir Richard Branson sold over $150 million worth of the company’s stock over the past three days, according to CNBC.
- Branson and four entities he controls including the Virgin Group sold 5.584 million shares of Virgin Galactic worth $150.3 million. The shares were sold at prices between $26.85 and $28.73 from April 12 to 14.
- The Virgin Group will use the net proceeds to support its portfolio of global leisure, holiday, and travel business that continue to be affected by the COVID-19 pandemic.
- Following the transaction, Virgin Group remains the largest shareholder in Virgin Galactic with a 24% stake.
- Branson’s sale comes a month after Virgin Galactic Chairman Chamath Palihaptiya sold his remaining personal stake in the company. Palihaptiya earlier said he plans to redirect the sale into a large investment towards fighting climate change, but he remains dedicated to the team.
- Branson last year sold about $500 million of his stake in Virgin Galactic. A spokesperson said the sale is for the same purpose.