Richard Branson sells Virgin Galactic stake value $ 300 million

Sir Richard Branson waves from the window of the VSS Unity spacecraft prior to launch on July 11, 2021.

Virgo galactic

Virgin Galactic founder Sir Richard Branson sold more of his property in the space tourism company this week, giving up another large stake to fund his other ventures.

Branson this week sold 10.4 million shares of Virgin Galactic through its Virgin Investments group at various prices ranging from $ 25.75 per share to $ 34.39 per share, according to an SEC filing. According to InsiderScore.com, the total was $ 300 million.

Virgin Galactic’s shares fell 3% in early trading on Friday from their previous closing price of $ 25.94 per share.

A statement from Virgin Group said that Branson’s parent company “intends to use the net proceeds from this sale to support its portfolio of global leisure, vacation and travel companies that continue to be affected by the effects of COVID-19. Pandemic, in addition to helping the development and growth of new and existing businesses.

“The Virgin Group continues to be the largest single shareholder in Virgin Galactic,” the statement said.

The share sale marks Branson’s third since Virgin Galactic’s IPO by a SPAC in 2019, with its previous sales of $ 504.5 million and $ 150.3 million in May 2020 and April 2021, respectively. Branson has Recovered more than $ 950 million of its investment in the space company through equity sales since going public. Virgin Galactic raised over $ 1 billion in investments prior to going public, according to an SEC filing.

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