Virgin Galactic Slumps as Cathie Wood’s ARK Dumps Shares

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Investing.com — Cathie Wood strikes again. Shortly after launching her space-focused ETF, the star investor dumped shares of Virgin Galactic Holdings Inc (NYSE:SPCE), sending the stock down about 6%.

ARK Autonomous Technology & Robotics ETF (NYSE:ARKQ) sold 315,600 shares of Virgin Galactic and ARK Space Exploration & Innovation ETF (NYSE:ARKX) sold 275,204 shares, approximately $13.3 million, 247wallstreet.com said.

Virgin Galactic is down by more than half since hitting a record earlier this year. But big names have been selling the stock recently, including billionaire founder Sir Richard Branson. The company aims to offer commercial service that would allow anyone to go to space. Other billionaires are also in the race to send anyone into space, including Jeff Bezos and Elon Musk. Clearly, they’ve got funds to spare. 

Last week, Branson and entities owned by him sold 5.58 million shares or a 2.5% stake in the company for about $150 million, though they still hold a 24% stake in the company. Last month, Chairman Chamath Palihapitiya sold his remaining stake in the company.  

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