Virgin Galactic founder Richard Branson sold another $ 300 million (€ 254.3 million) stake in his space tourism company this week, ditching another large stake to fund his other ventures.
The sale follows a downward revaluation of the company by some Wall Street analysts, justified by “no scheduled flights,” while Virgin Galactic is starting a maintenance period that will last several months.
Branson, through his Virgin Investments group, sold 10.4 million shares of Virgin Galactic this week at prices ranging from $ 25.75 to $ 34.39 a share, according to the SEC. A total of $ 300 million (€ 254.3 million) was invested, according to information published by InsiderScore.
Branson’s stake sale was the third since Virgin Galactic went public through SPAC in 2019, with previous sales valued at $ 504.5 million (€ 427.6 million) and $ 150.3 million (€ 127.4 million) in May 2020 and April 2021, respectively.
Branson has returned more than $ 950 million (€ 805.3 million) of his investment in the space company through the sale of shares since its debut on the stock exchange. In addition, Virgin Galactic raised over $ 1 billion (847.7 million euros) in investment before going public, according to the SEC.
