Virgin Orbit's Shutdown Sends Shockwaves Through Space Industry
Virgin Orbit, the satellite launch company owned by Richard Branson, will lay off 675 employees and retain just 100 positions due to a lack of funding. The company had been in discussions with prospective investors, but failed to secure the necessary funding to continue operations. Virgin Orbit had successfully completed five commercial launches, but its sixth attempt failed to reach orbit. The company's CEO has said that they will try to find positions for the laid-off employees in Virgin Galactic, its sister company.