Richard Branson sold more of his shares in the space travel company Virgin Galactic.
Branson sold 10.4 million shares According to a document from the US Securities and Exchange Commission and a Reuters report, Virgin Galactic Holdings (SPCE) shares were acquired at various prices ranging from US$25.75 to US$34.39 per share this week, totaling nearly US$300 million. As a result of the sale, the company’s stock price fell by more than 3%.
As of 12:01 pm Eastern Time on Friday, the stock price was down 1.27%.
Branson sold more than 10 million shares between August 10 and 12. The latest sale left the billionaire holding 46.3 million shares worth approximately $1.2 billion. Branson’s Virgin Investments is one of the largest shareholders of the space travel company, with a shareholding ratio of approximately 22% as of June.
Virgin Group issued a statement Said Branson’s company “in addition to supporting the development and growth of new products, it also intends to use the proceeds from the sale to support its global leisure, vacation and travel portfolio that continues to be affected by the COVID-19 pandemic. Existing businesses. ”
Virgin Group continues to be the largest single shareholder of Virgin Galactic.
According to CNBC reports, this auction marks Branson’s third auction since Virgin Galactic went public in 2019. His earlier sales brought him US$504.5 million in May 2020 and April 2021, respectively. And 150.3 million U.S. dollars. Branson recovered his $950 million investment in the company through an equity sale.
