Virgin Galactic Chairman Dumps $200 Million Worth of Shares

Virgin Galactic Holdings (NYSE: SPCE) chairman Chamath Palihapitiya has sold a significant portion of his stake in the company, a move that is likely to further pressure shares of the space tourism start-up.

According to a regulatory filing Palihapitiya sold 6.2 million shares at an average price of $34.32 per share, raising $213 million. He still owns 15.8 million shares, or about 6.2% of the company, along with investment partner Ian Osborne.

Palihapitiya and Virgin Galactic helped kick off the wave of start-ups going public via special purpose acquisition companies, or SPACs. The company went public in October 2019 via a merger with Palihapitiya's Social Capital Hedosophia, and until recently had been a top performer.

Source Fool.com