12/4/2023, 12:58 PM (Source: TeleTrader)
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Virgin Galactic sinks premarket as Branson rules out new investment

The stocks of Virgin Galactic Holdings Inc. slipped more than 16% during the premarket session on Monday following its founder Richard Branson's comments regarding further investment.

In an interview with the Financial Times published on Sunday, Branson said he does not intend to invest more money in his space travel company, stressing that his corporate empire does not "have the deepest pockets" anymore. "It [Virgin Galactic] should, I believe, have sufficient funds to do its job on its own," he noted.

Virgin Galactic's shares plunged 16.24% at 6:59 am ET, selling for $1.96 apiece.

Baha Breaking News (BBN) / JJ