Archer drops about 15% on $850 million share sale following Trump air taxi pilot program
Midnight, an all-electric aircraft from company Archer Aviation, is seen at the Salinas Municipal Airport in Salinas, California, on Aug. 2, 2023. Archer Aviation 's stock dropped about 15% on Friday after the air taxi maker said it sold $850 million worth of shares. The electric vertical takeoff and landing vehicle, or eVTOL, company said Thursday it plans to use the financing to support new infrastructure and the rollout of an artificial intelligence-based aviation software platform. The mon