Virgin Orbit, Richard Branson's rocket company, will lay off 85% of staff | CNN Business

. About 675 employees will be terminated by April 3, according to a public document 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.” The news was reported earlier by CNBC. Virgin Orbit spokespeople declined to comment beyond the filing.

Virgin Orbit, on the other hand, has been developing an air-launched rocket, dubbed LauncherOne, for hauling small satellites to orbit. 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 first time in January 2021, earlier than most of its competitors and after only one failed attempt. It then completed three more successful missions out of California.

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Branson’s rocket company Virgin Orbit to lay off 85% of staffVirgin 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…
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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!
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