Virgin Galactic's Surge Exposes Everything Wrong with the Stock Market, Crypto Coins News
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Virgin Galactic is now worth $ 6.7 billion, despite reporting just $ 3 million in revenue last year.
The space tourism stock is worth $ 1 billion more than Macy’s, which isn’t sexy – but is profitable.
This disparity exposes everything wrong with the stock market.
Think Tesla’s bewildering rally is the best evidence that the stock market is getting uncomfortably bubbly? Richard Branson’s Virgin Galactic has a message for you: Hold my beer.
The space tourism stock (NYSE: SPCE) has surged roughly 588% since ringing in , pushing its market cap to $ 6.7 billion on Wednesday afternoon.
Space Is Sexy – Dividends Aren’t
As noted by Compound Capital Advisors founder and CEO Charlie Bilello, that makes Virgin Galactic more than $ 1 billion more valuable than department store chain Macy’s (NYSE: M)
.
That’s frankly ridiculous.
(The iconic department store is more than (years old, with , (employees and $
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