Billionaire Richard Branson has unloaded another $300 million from his Virgin Galactic Holdings Inc. to mark his third share sale since the company went public, CNBC reported.
- The sale was made through Virgin Investments group, covering 10.4 million shares priced from $25.75 to $34.39 per share, or an estimated total of $300 million.
- The development comes after Morgan Stanley downgraded its rating on the stock to underweight from equal weight, noting that the firm is entering a months-long maintenance period. Credit Suisse also downgraded the stock Thursday.
- The Virgin Group said it continues to be the largest single shareholder, and proceeds from the sale will be used to expand its portfolio and support the development and growth of new and current businesses.
Branson earlier sold $504.5-million worth of Virgin Galactic in May 2020, and $150.3 million in April 2021, recouping more than his $950 million investment. SPCE is down 1.70%.