(CNBC) Shares of Virgin Galactic shed up to 3% on Friday following reports that Richard Branson sold a $300 million stake in the space tourism company.
In total, Branson sold 10.4 million shares of Galactic at $25.75 to $34.39 a share to fund his other business ventures.
The sale comes even as Galactic’s stock was downgraded following the lack of planned flights after the company started a months-long maintenance update.
The stock sale is the third by Branson since he listed Virgin Galactic through SPAC in 2019. Branson’s earlier stock sales in Galactic were worth $504.5 million in May 2020 and $150.3 million in April 2021.
SPCE: NYSE is down -2.47%.
