Sri Lankan born millionaire Chamath Palihapitiya resigns as Virgin Galactic chairman

Billionaire investor Chamath Palihapitiya, who was one of the executives to help take Virgin Galactic public, has stepped down as chariman of the company.

Virgin Galactic, founded by Virgin Group’s Richard Branson, went public through a special purpose acquisition company in 2019, closing its first day of trading at $11.50.

Shares of Virgin Galactic (SPCE) closed trading Thursday at $9.01. Palihapitiya joined Virgin Galactic’s board as its first chairman when the company went public in 2019.