Three months ago, shares of space tourism pioneer Virgin Galactic (SPCE) were reeling.
Insiders were selling the stock in droves – the company’s founder (Richard Branson), the VC investor who took the company public (Chamath Palihapitiya), and the fund manager who focuses on growth stocks like Virgin Galactic (Cathie Wood) collectively sold about $400 million worth of stock over the course of a month – and competitor Blue Origin had just announced it was going to start selling tickets for rides on its own space tourism rocket.
Virgin Galactic stock collapsed from over $60 in February, to a low of $14 in mid-May.
Everyone was bearish on the stock… well, everyone except me.
I wrote around that time that Wall Street was being unnecessarily short-sighted, and that insider sales and increased competition in an early-stage company on the cusp of doing something no one has ever done before – commercially flying people into space – were…