Branson’s rocket company Virgin Orbit to lay off 85% of staff

📆 3/31/2023 1:23 AM
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Virgin Orbit was founded in 2017 after spinning off from its sister company, Virgin Galactic, which is focused on using supersonic planes to vault high-paying tourists on joy rides to the edge of s…

Virgin Orbit — the rocket company founded by British billionaire Richard Branson — is laying off the vast majority of its workforce as company leadership struggles to secure additional funding.filed Thursday, amounting to around 85% of Virgin Orbit’s workforce. The move was made to “reduce expenses in light of the Company’s inability to secure meaningful funding.”. Virgin Orbit spokespeople declined to comment beyond the filing.

The WARN Act is a US law that requires corporations to provide employees with advance notice 60 day prior to layoffs. The company was an early leader among dozens of startups vying to build lightweight rockets for launching smallsats. Virgin Orbit’s LauncherOne rocket reached orbit for the

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Virgin Orbit stock plunges after report says company will cease operationsVirgin Orbit Holdings Inc. reportedly plans to cease operations and lay off roughly 90% of its staff, according to a Thursday afternoon CNBC report. Its... How many people did you fleece with this shit chamath? After a company ceases operations- it would be odd if their stock surged!
Source: MarketWatch - 🏆 3. / 97 Read more »