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Why are Virgin Galactic shares crashing after world-first space flight?

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Just over 24 hours since billionaire Richard Branson made history and took off into space and Virgin Galactic stock has plummeted from the sky

Shares in Virgin Galactic rose over 200 per cent in the two months ahead of Sunday’s world first flight.

The luck for the space tourism company continued with a stock climb of about 9 per cent in Monday’s pre-market trading.

However, shares took a steep fall around 17 per cent during the regular session on Monday.

The stock’s move feels odd given the success the company had on Sunday.

The landmark flight to the edge of space opened up a new frontier for commercial space travel in a race between billionaires that has investors eye’s peeled.

Part of the reason for the fall may have to do with Virgin Galactic’s plans to sell more stock.

Market Expert Christopher Uhl joined ticker news and says there are simply no more buyers willing to pay higher prices for Virgin Galactic stock, now that the huge event of heading to the skies has passed.

Market Expert Christopher Uhl

“I was once a kid with a dream”: Richard Branson blasts into space

Well he finally did it. 17 years after Richard Branson first launched Virgin Galactic, the thrill-seeking billionaire has taken to the skies and reached space.

In his boldest adventure yet, the 70 year old Richard Branson took off for the first stage of the flight.

On the ground, about 500 people watched on, including Richard Branson’s wife, children and grandchildren.

On board were his five crewmates from his Virgin Galactic space tourism company.

The space plane detached from the mother ship at an altitude of about 13km and fired its engine, reaching the edge of space about 88km up.

After a few minutes of weightlessness for the crew, the space plane is began its decent, set to end with a glide to a runway landing.

Richard Branson couldn’t contain his excitement, as he spoke on the journey back to earth.

He thanked his crew and remembered all those who had worked on the mammoth project.

After a decade of promises, the moment finally came for Richard Branson to unveil his spaceship for the people.

He said on board:: “To all you kids down there, I was once a kid with a dream. Now I’m up here, in a space ship!”

Customer spaceflight experience

As Branson took to space onboard Virgin Galactic, his official role for the journey will be “evaluating customer spaceflight experience”.

And that’s an important role – after all anyone who wants to rise Virgin Galactic will need to part with a quarter of a million dollars first, and that price is expected to rise.

Along with the two pilots, there is room for six passengers with a flight time of about an hour and a half.

The Virgin Galactic rocket ship detached from the mothership.
The Virgin Galactic rocket ship detached from the mothership.

The spaceship will just go over the 82 kilometres, which is where the US recognises someone as having been into space.

Then, passengers will get to experience about six minutes of weightlessness and seeing the curvature of the Earth and the darkness of space.

They will then descend, landing on a runway much like the old space shuttle or a normal passenger plane.

The new space race

Richard Branson’s adventure will pre-empt next week’s first flight for Blue Origin, as Jeff Bezos launches his space dreams.

Jeff and Blue Origin are promising a completely different experience for their customers.

Blue Origin’s New Shepard, which has no pilots and room for six passengers, reaches more than 100 kilometres high, which is the internationally recognised boundary of space

Passengers on Blue Origin will get about three minutes to float around and feel like they are in space.

Might be half the time, but the price is 50,000 dollars cheaper than flying on Virgin Galactic.

But either way, the expensive thrill ride marks the beginning of earth’s commercial passenger trips into space.

Virgin Galactic doesn’t expect to start flying customers before next year.

Business

IRS to require facial recognition in order to file and pay taxes

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A major shake-up is coming to the way US citizens file their taxes

Citizens that file their taxes online tax will soon be required to submit a selfie to a third-party identity verification company using facial recognition tech in order to file their taxes or make IRS payments online.

According to Gizmodo, from this summer, online users with an IRS.gov account will no longer be able to log in with a simple username and password.

The new process will instead involve facial recognition. Users will need to provide a government identification document, a selfie, and copies of their bills to Virginian-based identity verification firm ID.me to confirm who they are.

That change, first noticed by Krebs on Security, marks a major shift for the IRS which previously allowed users to file their taxes without submitting personal biometric data.

Gizmodo reports that a statement from an IRS spokesperson said users can still receive basic information from the IRS website without logging in, however the representative added they would need to sign in through ID.me to make and view payments, access tax records, view or create payment plans, manage communications preference, or view tax authorisations.

Users attempting to log in to their accounts using ID.me will have to create an account with the company by uploading either a driver’s license, passport, or passport card.

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The international airlines suspending US flights

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Emirates has announced that it is suspending a majority of flights to the United States due to the planned launch of 5G

Flights are suspended to all destinations in the United States, except major cities including Los Angeles, New York and Washington.

Due to operational concerns associated with the planned deployment of 5G mobile network services in the US at certain airports

EMIRATES SAID in a memo to employees

Air India, All Nippon Airways, and Japan Airlines, have all suspended most routes to the United States as well.

This follows the world’s largest telecommunications company AT&T announcing it will delay the implementation of its 5G service at some airports in the United States.

This is all in response to CEOs of America’s largest airlines warning of a major disruption to travel and shipping if the service is rolled out. 

In an open letter, the executives call for 5G technology to be limited near US airports.

In the statement, the CEOs are requesting a limit on 5G within 2 miles of airport runways as defined by the FAA

It says “Immediate intervention is needed to avoid significant operational disruption to air passengers, shippers, supply chain and delivery of needed medical supplies”.

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Airline CEOs warn of major 5G disruption near airports

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CEO’s of America’s largest airlines are warning of a major disruption to travel and shipping

They’re calling for 5G technology to be limited near U.S airports

In an open letter also signed by shipping giants FedEec and UPS, the CEO’s wrote with urgency to request a limit on 5G within 2 miles of airport runways as defined by the FAA

The say that “Immediate intervention is needed to avoid significant operational disruption to air passengers, shippers, supply chain and delivery of needed medical supplies”

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