Richard Branson’s Virgin Orbit to slash 85% of workforce as it fails to secure funding
Virgin Orbit, the satellite launch company founded by British billionaire Richard Branson, plans to lay off almost its entire workforce as it struggles to secure funding.
The California-based company will cut 675 jobs, or about 85% of its staff, in all areas in order to reduce expenses due to its “inability to secure meaningful funding,” according to a securities filing on Thursday.
The news comes just weeks after Virgin Orbit paused operations amid reports that it furloughed the vast majority of its staff as it sought a funding lifeline.
In January, Virgin Orbit failed to complete the first satellite launch from Western Europe due to an “anomaly” that led to a premature shutdown of the rocket, the company said. The botched launch from Cornwall in southwest England was billed as a historic moment.
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What is Virgin Orbit?
Founded in 2017, Virgin Orbit provides launch services for small satellites.
The company has completed four successful satellite launches from California.
Who owns Virgin Orbit?
Virgin Orbit is part of Branson’s multinational conglomerate Virgin Group.
Contributing: Associated Press