Getting out when the getting is good: The chairman of Virgin Galactic who was part of the deal that allowed the company to go public has now sold all of his stock in the company.
Billionaire investor Chamath Palihapitiya sold his entire personal stake in Virgin Galactic this week, a regulatory filing revealed on Friday.
The space-tourism company’s chairman cashed out his 6.2 million shares at an average price of $35, netting him around $211 million. Palihapitiya, along with his business partner Ian Osborne, still indirectly own 15.8 million shares via SCH Sponsor Corp, their investment vehicle.
Palihapitiya previously sold 3.8 million Virgin Galactic shares in December, tweeting that he needed to free up cash to fund several new projects this year.
Like Branson, this guy took the company public, made some absurd claims about its future, got several Wall Street analysts to rave about his plans, and then when the stock was high because of these fake promises, got out. He knows, as did Branson, that Virgin Galactic has practically a zero chance of making a dime in the future. He just worked a con to use it to make him some cash on the backs of a lot of other stock buyers who should have known better.
This company might fly a few paying customers on some suborbital flights, but its long term future is very bleak.
From the press release: From the moment he is handed a possibility of making the first alien contact, Saunders Maxwell decides he will do it, even if doing so takes him through hell and back.
Unfortunately, that is exactly where that journey takes him.
The vision that Zimmerman paints of vibrant human colonies on the Moon, Mars, the asteroids, and beyond, indomitably fighting the harsh lifeless environment of space to build new societies, captures perfectly the emerging space race we see today.
He also captures in Pioneer the heart of the human spirit, willing to push forward no matter the odds, no matter the cost. It is that spirit that will make the exploration of the heavens possible, forever, into the never-ending future.
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