Virgin Galactic traded lower on Friday after its founder billionaire Richard Branson a stake in the company worth $300 million.
A Securities and Exchange Commission (SEC) filing showed Branson's Virgin Investments group sold 10.4 million shares of Virgin Galactic this week at between $25.75 and $34.39 a share. The Virgin Group noted that it "intends to use the net proceeds from this sale to support its portfolio of global leisure, holiday and travel businesses that continue to be affected by the impact of the COVID-19 pandemic" and stressed that even after the sale it remains the largest stakeholder in the company.
Virgin Galactic slid 3.4% to a session-low of $25.05 at 11:23 am ET.
