Canadian venture capitalist Chamath Palihapitiya has announced that he is steeping down as chairman of space tourism company Virgin Galactic Holdings (SPCE).
Palihapitiya is also resigning from Virgin Galactic’s board of directors. The company, founded by Sir Richard Branson, has appointed board director Evan Lovell as interim chairman until a new permanent chair can be put in place.
Palihapitiya joined Virgin Galactic’s board as its first chairman when the company went public in 2019 through a special purpose acquisition company (SPAC) deal.
Palihapitiya is the founder and chief executive of Social Capital, a firm that invests in companies of all stages and has backed companies such as Virgin Galactic and Slack, helping many of them go public.
Virgin Galactic announced earlier this week that it has begun taking reservations that include a $150,000 deposit for its flights that aim to take tourists into space. Virgin Galactic stock has declined 64% in the past six months to now trade at $9.01 U.S. per share.