Richard Branson s Virgin Galactic is set to delay the launch of its latest test flight because of wear and tear issues on the mothership.
The company said in its first quarter update that engineers are looking into problems on the Eve carrier mothership and launch platform.
The announcement sent shares down 9.4 per cent in extended trade amid fears of further test flight delays in the latest blow to Branson s plans to send tourists into space.
Richard Branson s Virgin Galactic is set to delay the launch of its latest test flight because of wear and tear issues on the mothership (pictured)
Virgin Galactic said the next test flight of the VSS Unity will not happen until May
The firm s CEO predicts commercial flights will now start in early 2022
That is about a year past the initial forecast of the first quarter of 2021
The company will unveil its next craft, the VirginSpaceShipThree, on March 30
Virgin reported a net loss of $273 million in 2020, its first as a public company
Sir Richard Branson has added more than £1.3billion to his wealth in just the past fortnight after shares in his company Virgin Galactic surged to a new high.
The 70-year-old billionaire has seen the stock more than double in value already this year as he benefited from investors in the Reddit-fulled frenzy focusing on it.
It means he now has a record net worth of £5.7billion according to the Bloomberg Billionaires Index, with his Virgin Galactic stake making up almost half of his fortune.
The stock soared by 22 per cent to $53.79 in one day yesterday, having been trading at about $40 only last week, $30 the week before and $25 the week before that.