Branson sells over $150 million in Virgin Galactic stock

Virgin Galactic (SPCE.US) stock plunges more than 13% erasing its 2021 gains after a filing showed founder Richard Branson sold more than $150 million worth of the company’s stock over the past three days, according to CNBC. Branson, and four entities he controls including Virgin Group, sold 5,584,000 shares of Virgin Galactic between April 12 and April 14. Earlier the space tourism company’s stock came under pressure after delays to its test flight program, and share sales by Chairman Chamath Palihapitiya last month. A Virgin Group spokesperson told CNBC that the firm “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 unprecedented impact of COVID-19.”