Richard Branson Sells $300 Million Stake in Virgin Galactic (1)

Richard Branson sold about $300 million in Virgin Galactic Holdings Inc. stock, tapping his biggest listed asset again to prop up his business empire during the pandemic.

The billionaire offloaded almost 10.5 million shares -- about 4% of the space-travel company -- through a company he controls, leaving him with an 18% stake, according to a regulatory filing.

The proceeds will support Branson’s travel and leisure businesses, as well as help develop new and existing ventures, a Virgin Group representative said. Branson, 71, remains Virgin Galactic’s biggest shareholder. The company’s shares fell 1.3% to $25.60 at 12 p.m. in ...