Jeff Bezos is making waves in the market after he announced via Twitter he has completed a buyout of Richard Branson’s Virgin Galactic and will be shutting down its space program and plans to incorporate talent from Virgin Galactic into Blue Origin. This news spelled disaster for Virgin Galactic investors who already were hit hard this morning, expecting a huge increase in share price after Branson’s successful test flight over the weekend, but were met with an early morning filing showing a sale of over 500,000,000 shares causing the share price to plummet.
Virgin Galactic was down almost 20% at market close, during the evening of Monday the 12th when the announcement was made, massive after hours selling started plummeting Virgin Galactic even more before the SEC halted all after hours trading of Virgin Galactic, $SPCE is now down almost 65% in one trading day, an almost unheard of amount for a company of its size.
Many Wallstreetbets users who have weekly calls on Virgin Galactic are beyond mad. Some have threatened to “put Bezos on the local FOX-11” while some are more accepting of the grim future and are considering suicide.