Virgin Orbit's Funding Failure Leads to Massive Layoffs and Ceasing of Operations.
TL;DR Summary
Sir Richard Branson's rocket company, Virgin Orbit, will lay off 85% of its staff and cease operations for the foreseeable future after failing to secure new investment. The company's shares plunged by more than 44% in after-hours trading in New York on Thursday. Earlier this year, a Virgin Orbit rocket failed to complete the first-ever satellite launch from UK soil. The layoffs will impact approximately 675 employees who "are located in all areas of the company."
- Virgin Orbit: Sir Richard Branson's rocket company lays off 85% of staff BBC
- Virgin Orbit fails to secure funding, will cease operations and lay off nearly entire workforce CNBC
- Richard Branson's rocket company Virgin Orbit to layoff 675 employees | WION WION
- Virgin Orbit pauses operations, lays off majority of workforce Fox Business
- Virgin Orbit fails to secure funding and will cease operations NBC News
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