Virgin Galactic’s share made a dent on Friday after chairman Chamath Palihapitiya paid out his personal stake for about $ 213 million.
Shares in Richard Branson’s space exploration firm fell 21 percent to a low of $ 23.95 after Palihapitiya, a prominent venture capitalist, revealed that he had poured the last 6.2 million shares into his personal portfolio.
The stock recently declined about 13 percent at $ 26.45 at 2:10 p.m.
Virgin Galactic’s share price more than doubled at the beginning of the year, but has almost wiped out the rise since February 11th.
Palihapitiya shrank its stake in the company earlier in December by 3.8 million shares release cash for new projects. He told Business Insider that the proceeds from the latest sale “go into a major investment I make to fight climate change.”
“The details of this investment will be announced in the next few months,” the head of social capital said in a statement. “I remain just as committed to Virgin Galactic’s team, mission and prospects.”
Palihapitiya and business partner Ian Osborne still indirectly own about 16 million shares in the spaceship builder through an investment firm called SCH Sponsor Corp.
Virgin Galactic completed its first rocket-powered flight from its space port in New Mexico in December and plans to eventually take paying customers into space.
More than 600 people have bought tickets for flights where they can see the earth and experience weightlessness.
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