What happened Shares of Virgin Galactic Holdings (NYSE: SPCE) traded down more than 8% on Thursday morning following news that company founder Richard Branson has sold down part of his stake in the space tourism company. So what Last month Virgin Galactic shares came under pressure after chairman Chamath Palihapitiya disclosed he sold about $213 million worth of the stock. Now, another big-name insider is trimming his holdings. Image source: Virgin Galactic Holdings. Richard Branson disclosed late Wednesday he had sold more than $150 million worth of Virgin Galactic stock in recent days. Branson sold about $300 million worth last year to help support his Virgin Atlantic Airways during the COVID-19 crisis, and the billionaire investor is again tapping the space tourism start-up for funds. The sales come at an uneasy time for Virgin Galactic. The company went public in 2019 via a merger with a Palihapitiya-backed special purpose acquisition company and has been well received on Wall Street, but the company missed its goal to begin service in 2020 and has faced a series of testing setbacks. Now what It's worth noting that Branson isn't giving up on Virgin Galactic by any means. Through affiliates Branson still owns about 24% of the stock. The sales mean more shares are available to be traded, which could have at least some initial downward pressure on the price, but for long-term holders none of it matters relative to Virgin Galactic getting its service going. The company has a roster of clients signed up to pay $250,000 apiece for a brief trip into space. Ultimately, the fate of this stock rests on whether or not Virgin Galactic can get them there. 10 stocks we like better than Virgin Galactic Holdings IncWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Virgin Galactic Holdings Inc wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Lou Whiteman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Virgin Galactic Holdings Inc. The Motley Fool has a disclosure policy.Source