Virgin Galactic Hits The Stock Market & Elon Musk 'Quite Hates' Being Tesla's Boss

Virgin Galactic has said it can sell up to $ 500 million in stock after completing a successful space trip on Sunday. In a presentation, the company says it plans to use the cash raised to develop its spacecraft fleet and infrastructure.

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On Sunday Sir Richard Branson, the billionaire founder of Virgin Galactic, reached the edge of space in one of the planes he has been developing for 17 years. He called the trip the "experience of a lifetime" after returning to Earth just over an hour after leaving the ground. In which he was accompanied by two pilots and three company employees, as a crucial test of the space tourism experience that he hopes to start selling to customers from next year.

The trip also made the businessman the first of the new space tourism pioneers to test his own shuttles, beating out Amazon's Jeff Bezos and SpaceX's Elon Musk. Virgin Galactic shares rose about 8% before the markets opened in the United States on Monday. But they had fallen 17% at the end of the day, after the share sale was announced.

Elon Musk 'quite hates' being Tesla's boss

Elon Musk has revealed that he doesn't like being Tesla's boss. "I'd rather hate it and I'd rather spend my time designing and engineering," he told a US court.

The billionaire founder of Tesla spoke at the beginning of a trial in which he is accused of pressuring the company's board members to sign a $ 2.6 billion deal to buy a solar panel company. Shareholders claim that the automaker's money was wasted buying SolarCity.

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At the time of the deal, Musk owned a 22% stake in both Tesla and the solar panel company , which was founded by his cousins. "Since it was a share-for-share transaction and I owned almost exactly the same percentage of both, there was no financial gain," he said.

Shareholders bringing the case against Musk, which is worth $ 168 billion according to Forbes, have asked the court to reimburse Tesla for the $ 2.6 billion in full. That would be one of the most important trials in history against an individual.

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