The Strategist

Branson's space company shares plunge by almost 13%

07/13/2021 - 06:26

Virgin Galactic shares plunged almost 13% shortly after trading opened. The day before, the space company successfully sent a full crew into space for the first time and returned to earth. Virgin Galactic then decided to sell $500m worth of shares.

Steve Elliott
Steve Elliott
Shares in space company Virgin Galactic fell 12.99% after trading opened on the New York Stock Exchange, CNBC data show. The company's securities were at the day's ($41.7), a drop of more than 15 percent, according to CNBC statistics.

On July 12, the company filed for the sale of shares worth $500 million, the channel noted. Virgin Galactic did this a day after it successfully conducted its first space flight with a full crew. 

Prior to the opening of trading on Monday, Virgin Galactic shares were rising in value, pushing the market value of the company up by about $841 million. Since the beginning of the year, Virgin Galactic shares have doubled in value and the valuation of the company has reached about $11.8 billion, Bloomberg pointed out.