How Did Bezos Big Leap Into Space Affect The Stock Market?
July saw billionaire Jeff Bezos make history on his maiden voyage to space with the aerospace company Blue Origin. Although Richard Branson achieved a similar feat just days before, Bezos’ team reached higher altitudes and broke the record for having both the youngest and oldest passengers on board.
This included 18-year-old Oliver Daemen and 82-year old Wally Funk, who lost out on the opportunity to go to space in the 1960s due to gender discrimination.
But how did Bezos’ giant leap affect Amazon’s shares on the stock market? And what happened to Virgin Galactic?
What Happened On The Day
As usual, the stock market opened at 9:30 am (GMT -4), and by this time, Bezos and his team were already heading back down to earth after a successful 10-minute voyage into space. Soon after Wall Street opened, Amazon stocks rose to USD 3,566.17 after closing at USD 3,549 on Monday the 19th.
However, this upwards trend didn’t continue as the day rolled on. On NASDAQ, Amazon’s stocks dipped to USD 3,546.12, and then to 3,530.41.
All things considered, Bezos’ flight didn’t impact Amazon’s position on the stock market too much, although perhaps not in the direction he was hoping for.
The same can’t be said for Virgin Galactic, however.
After Bezos launched into space, shares of Virgin Galactic fell as much as 8%. Bezos’ Blue Origin launch hit higher altitudes than Virgin Galactic, surpassing the Karman line 62 miles above the earth.
As of Monday 26th July 2021, just under a week later, Amazon’s stock on NASDAQ had increased to USD 3,656.64.
Virgin Galactic also got some much-needed good news, with the high-profile space tourism company closing 3.5% higher on the same day.
This boost seems to be related to the announcement that the firm’s former CEO, George Whitesides, will be a passenger on the company’s next test spaceflight.