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Michael Sheetz+ Your Authors @thesheetztweetz Space Reporter @CNBC | pitches [email protected] | DM for cell, WhatsApp, Signal, ProtonMail | formerly @DJNF @ESTribune | alumnus @TheKingsCollege May. 11, 2020 1 min read + Your Authors

Sir Richard Branson is preparing to sell as much as $504.5 million of his stake in Virgin Galactic $SPCE, or about 22% of his holdings in the space tourism company. 

Branson intends to use the proceeds of the sale to fund Virgin Group's "portfolio of global leisure, holiday and travel businesses that have been affected by the unprecedented impact of COVID-19." 

Branson's stake in Virgin Galactic was worth $2.32 billion as of Friday. 

Virgin Galactic $SPCE shares open trading down as much as 8%: 

Virgin Galactic $SPCE shares close trading down less than 4% at $19.40, recouping part of its earlier losses. 

You can follow @thesheetztweetz.


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