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.
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.
Branson had previously sold off a large chunk of his personal investment in Virgin Galactic, ditching about $1 billion worth of stock between 2020 and 2021.
Branson added in his comments to the Financial Times that he remains excited about Virgin Galactic and noted the company has “really proved itself and the technology.”
Persons:
Richard Branson, Branson, hasn’t, ”, Virgin Galactic’s, Michael Colglazier’s
Organizations:
CNN —, Virgin Galactic, Financial Times, — Virgin, Galactic, Times, Virgin, Virgin Group, Virgin Galactic’s, VSS Unity, VSS
Locations:
Virgin