Billionaire Richard Branson’s space exploration company Virgin Galactic’s stock soared 19.2% on Thursday following the company’s announcement that it will be implementing new cost-saving measures.
Virgin Galactic will reportedly suspend its spaceflight operations in 2024 in order to develop the company’s new Delta-class spacecraft.
Virgin Galactic launched its last commercial spaceflight earlier this November.
The news comes following the company’s decision to lay off 18% of its workforce on Tuesday to “to decrease its costs and strategically realign its resources.”
