Post a Free Blog

Submit A Press Release

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Dark Comedy
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Music
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Thriller
Truck Series (TRUCK)
True Crime
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Western
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
0
-- Advertisement --spot_img
HomeBusinessOver $150 million stock of Virgin Galactic sold by founder Richard Branson

Over $150 million stock of Virgin Galactic sold by founder Richard Branson

Add to Favorite
Added to Favorite

 

On Wednesday, according to a filing, Sir Richard Branson sold $150 million worth of Virgin Galactic stock, in three days. The founder and one of the architects behind the IPO of the company and four entities that he controls sold 5,584,000 shares worth $150.3 million. The shares were sold by the Virgin Group and other entities between April 12 and April 14 at prices between $26.85 and $28.73.

 

Virgin Galactic Chairman Chamath Palihapitiya sold his personal shares in the first week of March. He had told CNBC that he was planning to make a huge investment “towards fighting climate change.” He still has shares in the company through his SPAC with investor Ian Osbourne. A little more than a month later, Branson has sold a huge chunk of his shares.

 

Virgin Group’s leisure and travel businesses took a huge hit during the pandemic. Last year, Branson had sold $500 million of his shares in Virgin Galactic to help his other businesses. A spokesperson said that the shares that were recently sold were for the same reason as last time, in a statement to CNBC.

 

 

Virgin Group shares were up 12% for the year on Wednesday and closed at $26.68 after the sales of Virgin Galactic shares. The Virgin Group remains the largest shareholder with a 24% stake in Virgin Galactic.

 

Virgin Galactic space test flights suffered delays due to electromagnetic issues. The spacecraft company is planning to fly four more test flights with its   “VSS Unity” spacecraft. It would include flying Branson this summer.

 

The second spacecraft “VSS Imagine” was rolled out last month. CEO Michael Colglazier said that the spacecraft company is expecting to begin commercial flights in early 2022.

 

In March the CEO of Virgin Galactic had also told CNBC that they need many more ships that they had and these ships had to be maintained in such a way as to improve the turnaround time between flights.

 

Subscribe to get Latest News Updates

Latest News

You may like more
more

Time to Invest in Groupon (GRPN)- Q3 Earnings Beat Estimates

Chicago, Illinois — Groupon (GRPN) Q3 Earnings Surpass Expectations,...

Advance Auto Parts Downgraded to Sell Amid Earnings Miss and Weak Outlook

CFRA analysts downgraded Advance Auto Parts (NYSE:AAP) from Hold...

Guggenheim Reiterates Buy Rating on Cabaletta Bio Amid Promising Data

Guggenheim analysts reaffirmed a Buy rating and a $23...