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Sir Richard Branson Sells Shares in Virgin Galactic, Tanking Inventory By 

© Reuters

By Dhirendra Tripathi – Shares of Virgin Galactic Holdings (NYSE:) had been large losers in Thursday’s session as far as the market didn’t take very kindly to its promoter, billionaire Sir Richard Branson, promoting part of his stake within the house journey firm.

The inventory was down 11%, a transparent vote of no-confidence when simply final month Chairman Chamath Palihapitiya bought his remaining stake within the firm. Shares are down by greater than half since hitting a excessive earlier this 12 months.

Branson and entities owned by him bought 5.58 million shares or a 2.5% stake within the firm for about $150 million. They nonetheless maintain 24% stake within the firm.

The sale of shares, achieved over final three days, occurred at costs starting from $26.41 to $28.91 per share. The inventory’s present worth is round 11% off the decrease finish of that vary.

The sale is a part of a plan despatched to the SEC final month.


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