Virgin Galactic Chairman Sells Shares to Fund Climate Project

The chairman of Virgin Galactic sold his entire personal stake in the space tourism business this week for £144,000,000, money which he says he plans to direct towards a future climate change investment.

Chamath Palihapitiya, who became chairman of the business when founder Sir Richard Branson floated it in 2019, sold 6 million shares in the company and now retains a 6.2% joint stake in the business.

He commented;

“I sold 6 million shares for $200 million which I am planning to redirect into a large investment I am making towards fighting climate change.

“The details of this investment will be made public in the next few months. I remain as dedicated as ever to Virgin Galactic’s team, mission and prospects.”

Virgin Galactic has previously faced scrutiny over its use of fossil fuels. The business said last year that the carbon footprint of its flights will be comparable to a transatlantic business class seat because of its lightweight spaceships and rockets that burn for only 60 seconds.

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Virgin Galactic chairman sells shares worth $200m to fight climate change, The Telegraph, 2021-03-05

By Lukas Frisch Tonkinson.

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