Virgin Orbit: Sir Richard Branson’s rocket company fails to secure funding, lays off 85% of staff

After failing to secure new investment, British billionaire Sir Richard Branson’s rocket company Virgin Orbit will cease operations for the foreseeable future – according to multiple media reports – and lay off 85% of staff, affecting roughly 675 employees who “are located in all areas of the company.”

It comes weeks after Virgin Orbit paused operations in an effort to shore up its finances. Founded in 2017, the company develops rockets to carry small satellites and represents a noteworthy part of Sir Richard’s business empire, which also includes space tourism company Virgin Galactic and airline Virgin Atlantic.

Keep Reading

Earlier this year, the company failed to complete the first-ever satellite launch from UK soil as the LauncherOne rocket reached space but couldn’t reach its target orbit. The mission was considered a milestone for UK space exploration and was expected to help the country soon turn into a major international player.

Virgin Orbit’s shares slid over 44% in the after-hours trading in New York yesterday. In a US regulatory filing, the company blamed the recent developments on its inability to secure meaningful funding. The British billionaire’s investment firm Virgin Investments has injected more than $10 million into the company to fund different costs related to the job cuts, it added.

Virgin Orbit said it expects costs concerning the recent workforce reduction, including payments to the laid-off employees, to total around $15 million. According to CNBC – which first released a report on the layoffs – chief executive Dan Hart said: “We have no choice but to implement immediate, dramatic and extremely painful changes.”

EU Reporter

As vast is the European region, the more diverse are the developments and news that are to be known. I bring to table the news and political affairs from region to your screens.

Recent Posts

The Truth About St. Patrick: 10 Surprising Facts

People misunderstand the historical importance of Saint Patrick to Ireland even though he remains its patron saint. However legends multiply… Read More

March 17, 2025

Tragic Nightclub Fire in North Macedonia: 59 Dead, Over 100 Injured

Today in the early morning a fire broke out at the Pulse nightclub in Kočani, North Macedonia. This led to… Read More

March 16, 2025

Texas Wildfire Update: Progress Made, Evacuations in Place at Fredericksburg

Firefighters are fighting against a massive grass fire north of Fredericksburg, Texas. The fire, which had started on Saturday afternoon… Read More

March 16, 2025

Trump Slashes Funding for Voice of America in Federal Agency Overhaul

On Friday President Donald Trump used his executive authority to order big budget reductions at seven government agencies including Voice… Read More

March 15, 2025

Trump’s Travel Ban Returns? 41 Nations Face Visa Suspensions

According to an internal memo reported by Reuters now Trump administration is considering new travel restrictions on citizens from 41… Read More

March 15, 2025

US Confirms Death of ISIS No. 2 Abu Khadijah in Iraq Airstrike

In a major counterterrorism operation the United States in coordination with Iraqi security forces, has confirmed the killing of Abu… Read More

March 15, 2025

This website uses cookies.

Read More