© Reuters. FILE PHOTO: Chamath Palihapitiya, Founder and CEO of Social Capital, presents during the 2018 Sohn Investment Conference in New York


(Reuters) – Venture investor Chamath Palihapitiya on Saturday confirmed in a tweet that he has freed up some capital by selling shares in Virgin Galactic Holdings (NYSE:) Inc, for investing at scale without impacting his pace and strategic view.

“I hated to do it but my balance sheet shrank by almost $2B this week,” he mentioned in the tweet https://twitter.com/chamath/status/1368247776216117248 thread, adding a sad emoji.

In the long tweet thread, mentioning about reviewing and remodeling of everything he invested in, Palihapitiya also clarified that he did not sell any shares of any other SPAC he launched.

A regulatory filing showed Palihapitiya sold 6.2 million shares in the space tourism company he helped take public in 2019, for around $213 million.

In an emailed statement through a spokesman on Friday, Palihapitiya said he would redirect the funds from the share sale toward a “large investment” focused on the fight against climate change.

Virgin Galactic did not immediately respond to request for comment.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *