Branson’s Virgin Galactic shares added 24%
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Shares of billionaire Richard Branson’s American space company Virgin Galactic rose by 24.4% to $4.49 at the start of trading on the New York Stock Exchange.
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What is happening in the market
The growth of Virgin Galactic, which specializes in space tourism, was observed after its announcement that a test flight with the participation of four people will take place in May. It will be the last test of the space flight system. Virgin Galactic is planning its first commercial flight at the end of June.
Read: Virgin Orbit shares fall 28% after filing for bankruptcy
Let’s remind
Richard Branson’s company Virgin Galactic has repeatedly delayed the start of commercial flights with tourists, including due to staff shortages, problems with the supply chain and plans to improve the spacecraft and the carrier plane.
The startup disappointed investors by postponing launches planned for the third and then the fourth quarter of 2022. In May last year, Virgin Galactic once again postponed the start of commercial flights to the first quarter of 2023, and in January – to the second quarter of 2023.
Virgin Galactic’s net loss in 2022 was $500 million, compared to a net loss of $353 million in 2021. The loss grew by 42% compared to 2021.
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Source: Ministry of Finance
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