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Virgin Galactic rockets 22% higher after Tesla investor Ark reveals it will launch a space-themed ETF



chamath palihapitiya richard branson virgin galaxy there
Virgin Galactic co-founder Sir Richard Branson, CEO George Whitesides and Social Capital CEO Chamath Palihapitiya form together outside the New York Stock Exchange before Virgin Galactic trading on October 28, 2019.

  • Virgin Galactic shares rose as much as 22% on Thursday.
  • The space tourism group can be added to Ark Investment Management’s planned space research ETF.
  • The fund manages a total of $ 42 billion in ETF products, Bloomberg estimates.
  • Visit the Business Insider website for more stories.

Virgin Galactic stock rose as much as 22% on Thursday, increasing its market value by approx. 1

.4 billion Dollars after a major investment fund unveiled plans to launch a space-themed listed fund.

Investors in the commercial space company – which counts billionaire entrepreneur Richard Branson as its co-founder and billionaire investor Chamath Palihapitiya as chairman – are betting that it will be included in Ark Investment Management’s ARK Space Exploration ETF.

Ark, led by founder and chief investment officer Cathie Wood, already runs seven ETFs focusing on areas such as genomics, 3D printing, robotics and financial technology. Its flagship Ark Innovation ETF counts Tesla as its largest share.

Read more: The space industry will grow by over $ 1 trillion in the next decade, Bank of America says. Here are the 14 stocks that are best placed to take advantage of the boom.

Thanks to a massive influx of investor capital in recent months, Ark is now monitoring around $ 42 billion. $ In ETF products – a sharp increase from less than 4 billion. $ A year ago according to Bloomberg’s estimates.

Wood and her team are actively planning to manage their space ETF. They intend to invest in domestic and foreign companies engaged in space exploration and innovation, and have between 40 and 55 shares.

Read more: An ETF provider whose special funds have knocked the market down breaks down how to take advantage of the red-hot SPAC craze – and shares 4 to see in 2021


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