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.