No More Cash From Richard Branson: Is This the End for Virgin Galactic?
Shares of Virgin Galactic (NYSE: SPCE) are down 30% year to date, but not for a lack of progress from its underlying business. The tourism company completed its sixth successful human spaceflight in as many months in November and scheduled its next flight for late January 2024.
It also recently announced a "strategic realignment" to focus on scaling up its next-generation spaceship fleet over the next three years.
The bigger question on investors' minds, however, is whether the cash-burning business will have enough funds to survive that long. Shares plunged as much as 15% earlier this month after company founder Richard Branson indicated he has no plans to invest more money into Virgin Galactic.
Source Fool.com
