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Virgin Galactic chairman sells $213 million stake

Virgin Galactic Holdings Inc. Chairman Chamath Palihapitiya sold his personal holding in the space-tourism company founded by Richard Branson, raising $213 million (Dh782 million).
The Sri Lanka-born businessman disposed of 6.2 million shares at an average price of $34.32 this week, based on a filing with the US Securities & Exchange Commission. He still owns 15.8 million shares with his investment partner Ian Osborne, amounting to a 6.2 per cent stake.
Palihapitiya, 44, and Osborne helped to kick-start the booming Wall Street trend of special-purpose acquisition vehicles, through New York investment firm Social Capital Hedosophia. Its initial SPAC merged with Virgin Galactic in 2019 in a deal that made the Branson startup the world's first publicly traded space-travel venture.

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