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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.