Chamath Palihapitiya sells Virgin Galactic SPCE stake
Virgin Galactic leaders in entrance of the New York Inventory Trade, from left: CEO George Whitesides, founder Richard Branson and Chairman Chamath Palihapitiya.
Billionaire investor Chamath Palihapitiya, the chairman of Virgin Galactic who took the company public through a SPAC deal in 2019, offered his remaining private stake this week, a securities submitting disclosed.
Palihapitiya offered about 6.2 million Virgin Galactic shares on Tuesday and Wednesday, price about $213 million on the common promoting costs.
He nonetheless not directly owns about 15.eight million shares by Social Capital Hedosophia Holdings — the particular function acquisition firm that he shaped with investor Ian Osborne.
Virgin Galactic and Palihapitiya didn’t instantly reply to CNBC’s requests for remark.
Shares of Virgin Galactic slid about 6.3% in Friday’s premarket buying and selling from its earlier shut of $30.30 a share. The corporate’s inventory has misplaced greater than half its worth since hitting an all time excessive of…