Richard Branson's Virgin Galactic fell in price by almost three billion dollars in a day

Shares of Virgin Galactic, rising in price since the beginning of the year to record levels, fell 35% on February 27 after the publication of a quarterly report. Bloomberg writes about it.

The company reported a loss of $72.8 million and a 59% drop in sales in the fourth quarter of 2019.

The market value of Virgin Galactic after the release of the report fell from nearly eight billion dollars to 4.5 billion.

The share price of Richard Branson, the founder of Virgin Galactic, has fallen by about $1.1 billion.

• The company recorded losses in the third quarter of 2019. At the same time, from January to February 2020, Virgin shares grew by 200%, capitalization - by $5.5 billion from $2.4 billion at the beginning of the year.
• The figures were rising despite the lack of profits and ticket sales for the suborbital tourist flight that Virgin Galactic promises at the end of 2020 on SpaceShipTwo. Applications for the flight were no longer accepted in December 2018.