Virgin Galactic leaders in entrance of the New York Inventory Alternate, from left: CEO George Whitesides, founder Richard Branson and Chairman Cha
Virgin Galactic leaders in entrance of the New York Inventory Alternate, from left: CEO George Whitesides, founder Richard Branson and Chairman Chamath Palihapitiya.
Virgin Galactic
Billionaire investor Chamath Palihapitiya, the chairman of Virgin Galactic who took the corporate public by a SPAC deal in 2019, bought his remaining private stake this week, a securities submitting disclosed.
Palihapitiya bought about 6.2 million Virgin Galactic shares on Tuesday and Wednesday, price about $213 million on the common promoting costs.
He nonetheless not directly owns about 15.eight million shares by Social Capital Hedosophia Holdings — the particular function acquisition firm that he shaped with investor Ian Osborne.
Virgin Galactic and Palihapitiya didn’t instantly reply to CNBC’s requests for remark.
Shares of Virgin Galactic slid about 6.3% in Friday’s premarket buying and selling from its earlier shut of $30.30 a share. The corporate’s inventory has misplaced greater than half its worth since hitting an all time excessive of $62.80 in early February, though it stays up greater than 28% this yr.
The shares are down greater than 18% this week alone.
Virgin Galactic’s service jet and spacecraft put together to takeoff from Spaceport America in New Mexico on Dec. 12, 2020.
Virgin Galactic
Palihapitiya in December bought about 3.eight million shares of his stake in Virgin Galactic. On the time, Palihapitiya stated he bought the shares “to assist handle my liquidity as I fund a number of new initiatives beginning in 2021.”
“I stay dedicated and excited for the way forward for SPCE. Simply wished to be clear,” Palihapitiya stated in a tweet.
His newest gross sales come every week after Virgin Galactic revealed additional delays to its spacecraft testing program, saying it now doesn’t anticipate business flights to start till early 2022. When Palihapitiya’s SPAC merged with Sir Richard Branson’s firm, Virgin Galactic stated it anticipated business spaceflights to start by the summer time of 2020.
Moreover, former Virgin Galactic CEO George Whitesides is stepping down as chief house officer, a spokesperson advised CNBC on Wednesday. Whitesides, who final yr stepped apart as CEO for former Disney government Michael Colglazier, plans to discover alternatives in public service, the corporate stated.
Whitesides will stay as chair of Virgin Galactic’s House Advisory Board, and he and his spouse maintain spaceflight tickets purchased in 2005.
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