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0 0.00253807106598979 -0.00928934010152295 -0.00761421319796961 -0.0142639593908629 -0.00253807106598991 0.00761421319796949 0.0151269035532994
Stock impact report

Virgin Galactic shares plunge after Branson rules out further investment [MSNBC.com]

Virgin Galactic Holdings, Inc. (SPCE) 
Company Research Source: MSNBC.com
Key PointsIn this articleIn this photo illustration, British billionaire Richard Branson is seen on a fragment of a Virgin Galactic Unity 22 Spaceflight Livestream Youtube video displayed on a smartphone with the Virgin Galactic logo in the background.Pavlo Gonchar | Lightrocket | Getty ImagesAs of around 10 a.m. ET, Virgin Galactic shares were down about 12.5%.The company, founded by Branson in 2004, last monthannounced job cuts and the suspension of commercial flightsThe cost-cutting is part of a plan to save cash to develop a larger spacecraft, dubbed Delta, that aims to take passengers past the edge of space. The group estimated that its current funding would carry it through to 2026, when Delta is scheduled to enter service.Virgin Investments remains the second-largest shareholder in Virgin Galactic, according to LSEG data, with a 7.69% holding, behind the 8.43% of State Street Global Advisors. Show less Read more
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