- Chamath Palihapitiya cashed out his personal stake in Virgin Galactic this week.
- The residence-tourism group’s chairman sold 6.2 million shares for about $211 million.
- Palihapitiya gentle indirectly owns 15.8 million shares in Richard Branson’s startup.
- Consult with the Business portion of Insider for extra experiences.
The residence-tourism firm’s chairman cashed out his 6.2 million shares at a median tag of $35, netting him around $211 million. Palihapitiya, along with his business associate Ian Osborne, gentle indirectly own 15.8 million shares via SCH Sponsor Corp, their investment automobile.
“I sold 6 million shares for $200 million which I am planning to redirect into a dapper investment I am making in the direction of fighting climate swap,” Palihapitiya stated in an emailed assertion to Insider.
“The particulars of this investment will likely be made public in the following few months. I remain as dedicated as ever to Virgin Galactic’s group, mission and possibilities,” the Social Capital founder and CEO added.
Palihapitiya previously sold 3.8 million Virgin Galactic shares in December, tweeting that he essential to liberate cash to fund several contemporary initiatives this twelve months.
Virgin Neighborhood founder Richard Branson’s residence startup went public in October 2019 by merging with Palihapitiya and Osborne’s Social Capital Hedosophia, a special-fair acquisition automobile or SPAC.
Palihapitiya is spearheading the present SPAC increase, using the vehicles to prefer companies corresponding to Opendoor and Clover Effectively being public at billion-dollar valuations.
Virgin Galactic’s inventory tag extra than doubled in the first five weeks of this twelve months, but has slumped by extra than 50% since then. Its shares fell as unheard of as 17% on Friday.
This is a chart showing Virgin Galactic’s inventory tag over the past twelve months: