Sir Richard Branson sells $300m of Virgin Galactic stock
Sir Richard Branson has sold $300m worth of shares in Virgin Galactic, a regulatory filing showed, with the proceeds earmarked to help support the billionaire’s other ventures.
The 71-year-old, who last month flew to the edge of space in his firm’s first ever manned flight, sold 10.5m shares, or about 4.0 per cent of the firm.
Despite the sale he still controls the single biggest stake in the firm, holding 18 per cent of Virgin Galactic’s stock.
A representative of the firm told Bloomberg that Branson would use the funds to support travel and leisure businesses, as well as help develop new and existing ventures.
Earlier this year Branson sold $150m of Virgin Galactic stock to help refinance his other interests.
Shares in the firm are down 5.2 per cent today, with US markets set to open shortly.
Following July’s successful trip, the company is planning to begin commercial flights in 2022, with two more test missions to come first.
Tickets for a single seat will cost passengers $450,000, Virgin revealed earlier this month.
That’s twice the price paid by 600 or so individuals who previously bought a spot on one of Virgin’s flights.
The first tickets will go to those on Virgin’s waiting list. Customers will be able to buy three different types of ticket: a single seat, a multi-seat package and a full-flight buyout.