Virgin Galactic Falls as Billionaire Branson Sells Stake Worth $300 Million

Billionaire entrepreneur Richard Branson wears his astronaut's wings at a news conference, after flying with a crew in Virgin Galactic's passenger rocket plane VSS Unity to the edge of space at Spaceport America near Truth or Consequences, N.M., on July 11, 2021. Joe Skipper/Reuters

Shares of Virgin Galactic Holdings Inc fell more than 3 percent on Friday after its founder and British billionaire Richard Branson sold a portion of his stake for nearly $300 million.

Branson sold more than 10 million shares between Aug. 10 and 12, according to a regulatory filing from late Thursday.