9%

October 29, 2019 AT 3:01 AM

Shares of Sir Richard Branson’s Virgin Galactic space tourism company rose more than 9% in an unusual initial public offering on Monday morning. In what amounted to a name change on the New York Stock Exchange, Virgin Atlantic began trading under the stock symbol (SPCE) previously used by minority investor Social Capital Hedosophia. Investment banker UBS estimates the space tourism business will be worth $3 billion within a decade. In a statement, CEO George Whitesides said, “Virgin Galactic is making history again today as it becomes the world’s first and only publicly traded commercial human spaceflight company. (CNBC – October 28, 2019)