Branson’s successful space flight followed by 17% fall in Virgin Galactic stock price

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On Sunday, Sir Richard Branson aboard his company’s spacecraft, VSS Unity, successfully completed its first crewed test flight into suborbital space. This was a major milestone for the Mojave, California-based Virgin Galactic. And paves the way for the company’s goal of opening up commercial service in space in 2022.

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Branson was the first billionaire in space. His launching ahead of Bezos or Elon Musk was “inspired marketing.” And beating Bezos planned July 20th flight made the billionaire space race a little more interesting.

Volatile stock trading

Despite the successful space mission, Virgin Galactic stock was a little erratic on Monday.

Shares of Virgin Galactic slipped on Monday. Due to the announcement that the company was selling up to $500 million in common stock. 

Virgin Galactic (SPCE) promptly tumbled 17.3% after filing the notice of the stock sale offering with the Securities and Exchange Commission (SEC). And the early morning there was a brief stop on Virgin Galactic trading due to the volatility.