Branson's Virgin Galactic cleared for takeoff as space tourism race heats up

FILE PHOTO: Sir Richard Branson stands on the floor of the New York Stock Exchange ahead of the start of trading in Virgin Galactic in New York, Oct. 28, 2019. REUTERS/Brendan McDermid

(Reuters) -Billionaire Richard Branson's spaceship company Virgin Galactic said on Friday it received approval from the U.S. aviation safety regulator to fly people to space, turning up the pressure on rivals in the nascent and expensive space tourism sector.

The company's shares surged as much as 40% to $56.40, their highest since February, after more than doubling in value this year.