Shares of Virgin Galactic (NYSE: SPCE) are down premarket on Friday after it’s Chairman, Chamath Palihapitiya, who took the company public in a SPAC deal, sold his remaining stake in the firm.
A securities filing disclosed Palihapitiya sold approximately 6.2 million Virgin Galactic shares earlier in the week, worth around $213 million.
In December, he also sold around 3.8 million shares, saying they were sold to help manage his liquidity as he funds several new projects starting in 2021.
The Virgin Galactic chairman still indirectly owns about 15.8 million shares in the firm via Social Capital Hedosophia Holdings, a SPAC company he formed.
Virgin Galactic’s share price has fallen over 7.2% premarket to $28.10 following the news, after closing Thursday’s session down 5.4% at $30.30 per share.