Virgin Galactic chairman Chamath Palihaptiya disposed of his personal holdings in the company to raise $213 million, according to Bloomberg.

  • A filing with the Securities and Exchange Commission showed that Palihaptiya sold 6.2 million shares at an average price of $34.32.
  • The billionaire still owns 15.8 million shares or a 6.5% stake with his partner Ian Osborne through Social Capital Hedosophia.
  • Filings also show Palihaptiya sold $100 million worth of shares in December.
  • Palihaptiya in February downplayed any possibilities of reducing holdings but cited liquidity constraints.
  • At the time, he sold 3.8 million Virgin Galactic shares. He said his family office needed cash for other purposes.
  • Virgin Galactic market value is currently at $7.2 billion. Its shares have dropped 49% since a February decision to delay the next flight to space.
  • The company on Thursday also announced the departure of chief space officer George Whitesides to pursue potential opportunities in public service. He will remain chairman of a four-person Space Advisory Board.