Virgin Galactic chairman resigns
Getting out while the getting is good: Chamath Palihapitiya, who has been chairman of Virgin Galactic’s board since it went public in 2019, suddenly announced today that he has resigned from the company.
Palihapitiya’s SPAC, or special purpose acquisition company, 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.
Like Richard Branson, Palihapitiya sold the majority of his stock when the price was high, about the time the company flew its first and only passenger flight in July, with Richard Branson on board. His exit now suggests he wants out before the company’s dismal future prospects become obvious.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
Getting out while the getting is good: Chamath Palihapitiya, who has been chairman of Virgin Galactic’s board since it went public in 2019, suddenly announced today that he has resigned from the company.
Palihapitiya’s SPAC, or special purpose acquisition company, 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.
Like Richard Branson, Palihapitiya sold the majority of his stock when the price was high, about the time the company flew its first and only passenger flight in July, with Richard Branson on board. His exit now suggests he wants out before the company’s dismal future prospects become obvious.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
I had great hopes for this company—15 years ago,. It has since become abundantly clear that the design is fatally flawed and will never support a profitable commercial business. PT Barnum’s heir Sir Richard has pretty much bailed out leaving the rest of the hapless investors on the plummeting airframe with no parachutes. It was a very entertaining thing to watch when Paul Allen and Burt Rutan were in charge and were quickly innovating to win the X Prize. I should have known better to expect much when Sir Rickie bought the franchise, scaled up a rickety design, then proceeded to allow 4 people to be recklessly killed, while pocketing the investments of thousands of others. All to culminate in his flashy “first flight” on the 52nd anniversary of Man’s first steps on the Moon. What a scam.
Concerned:
The choice of hybrid rocket propulsion for the craft alone was a massive mistake, delaying the project for many years and causing additional costs of 300 million (?) dollars. The blame lies with Burt Rutan, who, without his own knowledge of rocket technology, took the wrong advice.
The ratz desert the sinking ship. Where’s the Feds? Stopping Musk. What did you think they should be doing, dummy?
Given the fate of Elizabeth Holmes of Theranos fame (well, I guess her sentencing is still pending), how are Richard Branson and Chamath Palihapitiya any different? They sell a lie and escape with $10’s millions. Leaving the investors with a broken rocket, a broken company, and $0.
Less than zero. The investors could have invested their money elsewhere and made money
This tarnished the cause of winged spaceflight…the pilots glommed onto it and fought for it because that’s all there was. I feel for them the most.