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Stock impact report

Richard Branson sends Virgin Galactic shares plunging after he says he's not putting any more money in [CNN]

Virgin Galactic Holdings, Inc. (SPCE) 
Company Research Source: CNN
CNN — Shares of Virgin Galactic, the space tourism venture founded by Richard Branson, are plunging after the British billionaire said he has no plans to invest more money in the company as he says it has “sufficient funds” already. As of the 9 a.m. ET market open on Monday, Virgin Galactic stock was down 16%, trading at less than $2 per share. Virgin Galactic has had a landmark year, flying its first customers to the edge of space after years of waiting. But the company has also been in a state of flux, having just laid off about 20% of its staff and working to introduce a new line of suborbital spacecraft that will supplant the vehicle it's spent more than a decade developing. Branson was quoted in an article posted by the Financial Times on Sunday as saying that his investment company — Virgin Group — hasn't been in the best financial shape because of the pandemic. But, he said, “Virgin Galactic has got $1 billion, or nearly,” he told the Times. “It should, I believe, ha Show less Read more
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