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.

Now Read

US Airlines to work with White House

Source

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

By Lukas Frisch Tonkinson.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: