Hyperdrive
Virgin Galactic Chairman Sells $213 Million Stake
- Billionaire investor offloads stake worth about $213 million
- Space-tourism firm has seen stock drop after delaying flight
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Virgin Galactic Holdings Inc. tumbled Friday after its billionaire Chairman Chamath Palihapitiya offloaded shares worth about $213 million in the space-tourism company founded by Richard Branson.
Palihapitiya, who has helped drive the frenzied growth of blank-check companies, disposed of 6.2 million shares at an average price of $34.32 this week, based on a filing with the U.S. Securities and Exchange Commission. He still owns 15.8 million shares with his partner Ian Osborne through investment firm Social Capital Hedosophia, amounting to about a 6.5% stake. Palihapitiya previously sold shares worth almost $100 million in December, filings show.