Home » TECH AND INTERNET » Virgin Galactic falls as billionaire Branson sells stake worth $300 million

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


FILE Image: Billionaire entrepreneur Richard Branson wears his astronaut’s wings at a news conference, after traveling with a crew in Virgin Galactic’s passenger rocket plane VSS Unity to the edge of area at Spaceport The united states close to Truth of the matter or Consequences, New Mexico, U.S., July 11, 2021. REUTERS/Joe Skipper/File Photo

August 13, 2021

(Reuters) – Shares of Virgin Galactic Holdings Inc fell far more than 3% on Friday following its founder and British billionaire Richard Branson marketed a part of his stake for almost $300 million.

Branson offered much more than 10 million shares involving Aug. 10 and 12, according to a regulatory filing https://little bit.ly/3jPMEFE from late Thursday.

The go comes a thirty day period following the area tourism enterprise accomplished its initial thoroughly crewed exam flight into room with Branson on board.

The most recent share sale leaves Branson with about 46.3 million shares really worth around $1.2 billion as of stock’s last closing price. He experienced in April offered stock well worth in excess of $150 million.

Branson’s Virgin Investments is a single of the greatest shareholders of the area tourism corporation and has a stake of about 22% as of June, according to Refinitiv data.

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

(Reporting by Akanksha Rana in Bengaluru Editing by Arun Koyyur)


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