Shares of Virgin Galactic Holdings Inc (SPCE.N) fell nearly 3% on Friday after its founder and British billionaire Richard Branson sold a portion of his stake for nearly $300 million.
fell nearly 3% on Friday after its founder and British billionaire Richard Branson sold a portion of his stake for nearly $300 million.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 money from the share sale will be used to support the pandemic-struck leisure and travel businesses of Branson's Virgin Group, as well as to develop new businesses, a spokesperson for the British conglomerate said.
The latest sale leaves Branson with about 46.3 million shares worth roughly $1.2 billion as of stock's last closing price. He had in April sold stock worth over $150 million. Branson's Virgin Investments is the largest shareholder of the space tourism company and has a stake of about 22% as of June, according to Refinitiv data.Reporting by Akanksha Rana in Bengaluru; Editing by Arun KoyyurSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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