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Virgin Galactic may sell $500m of shares after space success
Business
12 July 2021
Virgin Galactic has said it may sell up to $500m of shares after completing a successful space trip on Sunday.
In a filing, the company says it plans to use cash raised to develop its spaceship fleet and infrastructure.
On Sunday, Sir Richard Branson, Virgin Galactic's billionaire founder, reached the edge of space on one of the planes it has been developing for 17 years.
He called the trip the "experience of a lifetime" after returning to Earth just over an hour after leaving the ground.
The trip also made the entrepreneur the first of the new space tourism pioneers to try out their own shuttles, beating Amazon's Jeff Bezos and SpaceX's Elon Musk.
Shares in Virgin Galactic rose about 8% before markets opened in the US on Monday. But they later fell 12% in early trading after its share sale was announced.
Sir Richard and his Virgin Group currently hold a 24% stake in the company.
 
Last Updated: 12 July 2021
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