Virgin Galactic stock drops 25% since IPO on Monday
Capitalism in space: While this article focuses more on jabs taken by the head of British Airways against Richard Branson and Virgin Galactic, it contains one tidbit of real note:
Shares in Virgin Galactic have fallen by more than a quarter since it went public at the start of the week, wiping more than $600m (£464m) off its value.
On Monday, the initial offering price for stock in Virgin Galactic was $12.93. At the moment it is trading in the mid-$9 dollar range, with the low earlier today of $9.09. Overall the stock lost about 25% of its value in a week, indicating properly that its value had been inflated by Branson and his partners in that initial offering.
But then, inflating the value of Virgin Galactic has been Richard Branson’s mode of operation since 2004 when he founded the company. I continue to wish the company success, but have become exceedingly skeptical about it.
And to change my mind the company is going to have to finally actually accomplish something, rather than make empty promises that never come true.
The support of my readers through the years has given me the freedom and ability to analyze objectively the ongoing renaissance in space, as well as the cultural changes -- for good or ill -- that are happening across America. Four years ago, just before the 2020 election I wrote that Joe Biden's mental health was suspect. Only in this year has the propaganda mainstream media decided to recognize that basic fact.
Fourteen years ago I wrote that SLS and Orion were a bad ideas, a waste of money, would be years behind schedule, and better replaced by commercial private enterprise. Even today NASA and Congress refuse to recognize this reality.
In 2020 when the world panicked over COVID I wrote that the panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Only in the past year have some of our so-called experts in the health field have begun to recognize these facts.
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Capitalism in space: While this article focuses more on jabs taken by the head of British Airways against Richard Branson and Virgin Galactic, it contains one tidbit of real note:
Shares in Virgin Galactic have fallen by more than a quarter since it went public at the start of the week, wiping more than $600m (£464m) off its value.
On Monday, the initial offering price for stock in Virgin Galactic was $12.93. At the moment it is trading in the mid-$9 dollar range, with the low earlier today of $9.09. Overall the stock lost about 25% of its value in a week, indicating properly that its value had been inflated by Branson and his partners in that initial offering.
But then, inflating the value of Virgin Galactic has been Richard Branson’s mode of operation since 2004 when he founded the company. I continue to wish the company success, but have become exceedingly skeptical about it.
And to change my mind the company is going to have to finally actually accomplish something, rather than make empty promises that never come true.
The support of my readers through the years has given me the freedom and ability to analyze objectively the ongoing renaissance in space, as well as the cultural changes -- for good or ill -- that are happening across America. Four years ago, just before the 2020 election I wrote that Joe Biden's mental health was suspect. Only in this year has the propaganda mainstream media decided to recognize that basic fact.
Fourteen years ago I wrote that SLS and Orion were a bad ideas, a waste of money, would be years behind schedule, and better replaced by commercial private enterprise. Even today NASA and Congress refuse to recognize this reality.
In 2020 when the world panicked over COVID I wrote that the panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Only in the past year have some of our so-called experts in the health field have begun to recognize these facts.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
Please consider supporting my work here at Behind the Black.
You can support me either by giving a one-time contribution or a regular subscription. There are five ways of doing so:
1. Zelle: This is the only internet method that charges no fees. All you have to do is use the Zelle link at your internet bank and give my name and email address (zimmerman at nasw dot org). What you donate is what I get.
2. Patreon: Go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation.
3. A Paypal Donation:
5. Donate by check, payable to Robert Zimmerman and mailed to
Behind The Black
c/o Robert Zimmerman
P.O.Box 1262
Cortaro, AZ 85652
You can also support me by buying one of my books, as noted in the boxes interspersed throughout the webpage or shown in the menu above. And if you buy the books through the ebookit links, I get a larger cut and I get it sooner.
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