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(Reuters) – Venture capitalist Chamath Palihapitiya confirmed in a tweet on Saturday that he freed up capital by selling shares of Virgin Galactic Holdings Inc, to invest on a large scale without affecting its pace and strategic vision.
“I hated doing it but my balance sheet has shrunk by almost $ 2 billion this week,” he tweeted https://twitter.com/chamath/status/1368247776216117248, adding a sad emoji .
In the long tweet thread, mentioning the overhaul and refurbishment of everything he has invested in, Palihapitiya also clarified that he has not sold any shares of any other SPAC he has launched.
A regulatory filing showed Palihapitiya sold 6.2 million shares of the space tourism company it helped to IPO in 2019, for around $ 213 million.
In a statement emailed by a spokesperson on Friday, Palihapitiya said he would redirect funds from the sale of shares to a “big investment” focused on fighting climate change.
Virgin Galactic did not immediately respond to the request for comment.
(Reporting by Maria Ponnerhath in Bengaluru; Editing by David Gregorio)
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