Richard Branson has sold more than 20 per cent of his Virgin Galactic SpaceShipTwo space tourism and satellite launching project.

The stake is held by Branson’s Vieco 10 holding company and the sale represents about 22 per cent of the rocket and space tourism company. As at May 11th that would be worth around $485 million at the $19.40 share price.

In a filing with the Securities & Exchange Commission, Virgin Group says the sale will “support its portfolio of global leisure, holiday and travel businesses that have been affected by the unprecedented impact of Covid-19”.

Last year Branson “merged” Virgin Galactic with investment vehicle Social Capital Hedosophia, a holding company with a number of technology investments.

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