Why Virgin Galactic Stock Crashed Friday

Big changes are afoot at space tourism company Virgin Galactic (NYSE: SPCE) -- and it would appear they are not good news for the stock, which is down 15.1% in 11 a.m. EST trading Friday. As TheFly.com reports today, company chairman Chamath Palihapitiya, the man responsible for engineering Virgin Galactic's IPO by special purpose acquisition company (SPAC) two years ago, has sold the last of the shares he personally owned in Virgin Galactic, selling off 6.2 million shares of Virgin stock over the course of this week. Palihapitiya has not "dumped all of his shares," as some might interpret this statement.