Virgin Galactic shares tumble on plans to sell up to $500M in stock

Virgin Galactic’s space rocket successfully launched on Sunday, but its stock is having a tougher time.

Shares of the Sir Richard Branson-founded space tourism company tumbled more than 14 percent to about $42 per share Monday morning after Virgin Galactic announced it may sell up to $500 million in common stock. Trading of the stock was briefly halted by the New York Stock Exchange shortly after the markets opened due to volatility as it dropped.