SPCE Stock: Billionaire’s Insider Selling Sends Virgin Galactic Lower

Shares of Virgin Galactic (NYSE:SPCE) stock are getting crushed to start the day on Friday after Chairman Chamath Palihapitiya sold his personal stake in the company this week.

Source: Tun Pichitanon / Shutterstock.com

Overall, Palihapitiya sold 6.2 million shares of SPCE stock for an average price of $34.32 per share. However, he still “indirectly owns about 15.8 million shares through Social Capital Hedosophia Holdings — the special purpose acquisition company that he formed with investor Ian Osborne.” That said, this equals about a 6.5% stake remaining for Palihapitiya.

Moreover, this isn’t the first time in recent memory that he sold a large amount of SPCE stock shares. In fact, according to filings with the U.S. Securities and Exchanges Commission (SEC), Palihapitiya sold around $100 million worth of shares in December.

With all of that in mind, MarketWatch reported that Virgin Galactic will make a statement shortly. When and if that occurs, we will update this article to include those comments.


  • 9 Cheap Stocks That Look Like a Bargain

SPCE stock was down 13.9% as of Friday morning.

On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. 

Nick Clarkson is a web editor at InvestorPlace.

More From InvestorPlace


  • Why Everyone Is Investing in 5G All WRONG

  • It doesn’t matter if you have $500 in savings or $5 million. Do this now.

  • Top Stock Picker Reveals His Next Potential 500% Winner

The post SPCE Stock: Billionaire’s Insider Selling Sends Virgin Galactic Lower appeared first on InvestorPlace.

Trade the News!

Seize the market opportunities!
Start trading with a reliable broker.
Let an expert help you get started!

Source: InvestorPlace


Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Trade the News!

Seize the market opportunities today! Start trading with a safe and reliable broker.

Let's help you get started!