Virgin Galactic announced today that Chairman Chamath Palihapitiya is stepping down from the space-tourism company’s board of directors, effective immediately, CNBC reports.
Palihapitiya’s SPAC took Virgin Galactic public in October 2019. The company’s stock has faced volatile trading since then — climbing above $60 a share in the months ahead of Sir Richard Branson’s test spaceflight, but it recently fell below its public debut price on news of a further delay in the start of commercial service.
The now-former chairman sold his personal Virgin Galactic stake in early 2021 that was worth over $200 million at the time. But he indirectly owns about 15.8 million shares through Social Capital Hedosophia Holdings. Read more.
