Virgin Galactic Crashes -8.1%

The private space travel company has lost 12% of its value this week, as Sir Richard Branson’s other project, Virgin Orbit, filed for bankruptcy.

The satellite launch firm stopped operations a few weeks ago but still expects to sell the company. The California-based company revealed this week that it would lay off 85% of its 750-person workforce. A Virgin Orbit rocket attempted to launch a satellite from the UK earlier this year, but it was unsuccessful.

As a result, the price of Virgin Galactic Holdings fell below $3.50 per share, which seems like a bargain for many investors as some analysts set the target price for SPCE.US above $4.

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