Tag

Rocket Company

All articles tagged with #rocket company

businessspace-industry1 year ago•2 min saved

"Astra's Founders Take Company Private After Stock Plummets"

Astra, a rocket company that went public in 2021, has now been taken private by its founders after losing 99% of its value due to failed rocket launches and financial struggles. The founders, Chris Kemp and Adam London, along with other long-term investors, have agreed to acquire all shares of Astra common stock not already owned by them for $0.50 per share in cash. The company faces challenges from stiff competition in the small launch industry and questions about the long-term viability of its spacecraft engine business.

via Ars Technica|

#astra #businessspace-industry #financial-struggles

businesstech2 years ago•2 min saved

Jeff Bezos Shifts Focus from Amazon to Blue Origin, Advocates for Giant Space Stations

Jeff Bezos revealed that the main reason he stepped down as Amazon CEO was to focus on his rocket company, Blue Origin. Bezos stated that he wanted to add energy and urgency to Blue Origin's operations, and felt that he wouldn't have the bandwidth to manage both companies effectively. He emphasized his commitment to all stakeholders at Amazon and expressed that he has never worked harder since transitioning to his new role. Blue Origin, founded by Bezos in 2000, is competing against rivals such as SpaceX and Virgin Galactic and has developed three space vehicles.

via Business Insider|

#amazon #blue-origin #businesstech

business2 years ago•2 min saved

Virgin Orbit to Lay Off Majority of Staff and Cease Operations.

Virgin Orbit, the rocket company founded by Richard Branson, will lay off 85% of its staff, affecting about 675 people, and freeze operations after failing to raise enough money from investors. The company's first attempt at an orbital launch ended in failure in January, and it has struggled financially since going public in 2021. The layoffs will cost the company about $15 million, and it will cover the severance costs through the sale of a convertible note to one of Branson's other companies.

via The Washington Post|

#business #financial-struggles #layoffs

business2 years ago•2 min saved

Virgin Orbit's Funding Failure Leads to Massive Layoffs and Ceasing of Operations.

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."

via BBC|

#business #financial-troubles #layoffs