tldrdailynews.com logo

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

1 min read
Source: BBC
Virgin Orbit's Funding Failure Leads to Massive Layoffs and Ceasing of Operations.
Photo: BBC
TL;DR

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."

Topics:top-newsbusiness#business#financial-troubles#layoffs#richard-branson#rocket-company#virgin-orbit
Share this article
  1. Virgin Orbit: Sir Richard Branson's rocket company lays off 85% of staff  BBC
  2. Virgin Orbit fails to secure funding, will cease operations and lay off nearly entire workforce  CNBC
  3. Richard Branson's rocket company Virgin Orbit to layoff 675 employees | WION  WION
  4. Virgin Orbit pauses operations, lays off majority of workforce  Fox Business
  5. Virgin Orbit fails to secure funding and will cease operations  NBC News

Want the full story? Read the original reporting

Read on BBC