Chamath Palihapitiya resigns as chairman of Virgin Galactic | CNN Enterprise

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New York
CNN Enterprise
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Billionaire investor Chamath Palihapitiya, who was one of many executives to assist take Virgin Galactic public, has stepped down as chariman of the corporate.

The corporate didn’t say why Palihapitiya was leaving. Evan Lovell, the chief funding officer of Vigin Group, will take his place as interim chairman.

Virgin Galactic, based by Virgin Group’s Richard Branson, went public by a particular goal acquisition firm in 2019, closing its first day of buying and selling at $11.50. Shares soared as excessive as $62.80 in February of 2021 on traders’ pleasure in regards to the potential of area tourism and industrial area journey.

However shares have steadily misplaced worth since then. One of many issues that prompted the slide was the disclosure in March final 12 months that Palihapitiya had sold off about $200 million of his stake within the firm.

Shares of Virgin Galactic

(SPCE)
closed buying and selling Thursday at $9.01.

Palihapitiya sparked a backlash final month he stated on a podcast that “nobody cares about what’s happening to the Uyghurs,” referring to the principally Muslim ethnic and non secular minority group that the Chinese language authorities has been accused of abusing. A number of firms through which he’s concerned, together with Virgin Galactic, distanced themselves from Palihapitiya, who later apologized for the feedback.

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