<p>Shares of Virgin Galactic Holdings Inc fell nearly 3% on Friday after its founder and British billionaire Richard Branson sold a portion of his stake for nearly $300 million.</p>.<p>Branson sold more than 10 million shares between Aug. 10 and 12, according to a regulatory filing from late Thursday.</p>.<p>The move comes a month after the space tourism company completed its first fully crewed test flight into space with Branson on board.</p>.<p>The money from the share sale will be used to support the pandemic-struck leisure and travel businesses of Branson's Virgin Group, as well as to develop new businesses, a spokesperson for the British conglomerate said.</p>.<p>The latest sale leaves Branson with about 46.3 million shares worth roughly $1.2 billion as of stock's last closing price. He had in April sold stock worth over $150 million.</p>.<p>Branson's Virgin Investments is the largest shareholder of the space tourism company and has a stake of about 22% as of June, according to Refinitiv data.</p>.<p>The company's shares were last down at $25.18 on Friday.</p>
<p>Shares of Virgin Galactic Holdings Inc fell nearly 3% on Friday after its founder and British billionaire Richard Branson sold a portion of his stake for nearly $300 million.</p>.<p>Branson sold more than 10 million shares between Aug. 10 and 12, according to a regulatory filing from late Thursday.</p>.<p>The move comes a month after the space tourism company completed its first fully crewed test flight into space with Branson on board.</p>.<p>The money from the share sale will be used to support the pandemic-struck leisure and travel businesses of Branson's Virgin Group, as well as to develop new businesses, a spokesperson for the British conglomerate said.</p>.<p>The latest sale leaves Branson with about 46.3 million shares worth roughly $1.2 billion as of stock's last closing price. He had in April sold stock worth over $150 million.</p>.<p>Branson's Virgin Investments is the largest shareholder of the space tourism company and has a stake of about 22% as of June, according to Refinitiv data.</p>.<p>The company's shares were last down at $25.18 on Friday.</p>