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

© Reuters

By Dhirendra Tripathi – Shares of Virgin Galactic Holdings (NYSE:) were big losers in Thursday’s session so far as the market didn’t take very kindly to its promoter, billionaire Sir Richard Branson, selling a part of his stake in the space travel company.

The stock was down 11%, a clear vote of no-confidence when just last month Chairman Chamath Palihapitiya sold his remaining stake in the company. Shares are down by more than half since hitting a high earlier this year.

Branson and entities owned by him sold 5.58 million shares or a 2.5% stake in the company for about $150 million. They still hold 24% stake in the company.

The sale of shares, done over last three days, happened at prices ranging from $26.41 to $28.91 per share. The stock’s current price is around 11% off the lower end of that range.

The sale is part of a plan sent to the SEC last month.


Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.