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Virgin Galactic stock erases 2021 gains after Branson’s stake sale

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SpaceShipTwo “Unity” on the runway after an aborted spaceflight test on Dec. 12, 2020.

Virgin Galactic

Shares of Virgin Galactic dropped in trading on Thursday, erasing its 2021 gains after founder Richard Branson sold more stock.

The space tourism company’s stock has fallen 62% from its high above $60 a share in February, with losses accelerating after delays to its test flight program, and share sales by chairman Chamath Palihapitiya last month and now Branson this week.

Virgin Galactic shares fell as much as 12% in trading from its previous close of $26.68.

Branson, and four entities he controls including Virgin Group, sold just over $150 million of Virgin Galactic stock earlier this…



Source cnbc.com

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