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Why Virgin Galactic Stock Crashed Tuesday

TheMotleyFool

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Why Virgin Galactic Stock Crashed TuesdayPhoto, wide shot, wide-angle lens, Department store, sunset photo at golden hour, photo by Art Wolfe: https://img.midjourneyapi.xyz/temp/57f223bf-67a0-476b-94dd-76010fccb266.png

Capitalizing on its strong stock price performance last week, space tourism pioneer Virgin Galactic (NYSE: SPCE) announced Friday -- at the start of a three-day hiatus from stock trading -- that it will raise $1 billion in new capital through the issuance of approximately 2.7 million new shares of common stock.

On Tuesday, the first day investors got to react to the news, they did so immediately by selling off Virgin Galactic stock, which is now down 6.3% in 11:40 a.m. EDT trading.

Image source: Getty Images.

Source Fool.com

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