Shares of Virgin Galactic Holdings Inc fell more than 3% on Friday after its founder and British billionaire Richard Branson sold a portion of his stake for $300 million.
Branson sold more than 10 million shares between Aug. 10 and 12 according to a regulatory filing https: bit.ly 3 jPMEFE from late Thursday.
The move comes a month after the space tourism company completed its first full-sized test flight in space with Branson on board.
The latest share sell leaves Branson with approximately 46.3 million shares worth roughly $1.2 billion as of the last closing price of the stock. He sells stock worth over $150 million in April.
Branson's Virgin Investments is one of the biggest shareholders of the space tourism company and has a stake of 22% as of June, according to Refinitiv Data.
The company's shares were dated on Thursday, on your first day in premarket trading, down by $25.09 to the closing price of the stock exchange.