Virgin Orbit, Richard Branson’s Rocket Company, Will Lay Off 85% of Staff

Virgin Orbit, Richard Branson’s Rocket Company, Will Lay Off 85% of Staff

BySamod Biobaku

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. As reported on CNN, about 675 employees will be terminated by April 3, according to a public document filed Thursday, amounting to around 85% of…

Virgin Orbit Pauses Operations For a Week, Furloughs Nearly Entire Staff as it Seeks Funding

Virgin Orbit Pauses Operations For a Week, Furloughs Nearly Entire Staff as it Seeks Funding

BySamod Biobaku

Virgin Orbit is furloughing nearly all its employees and pausing operations for a week as it looks for a funding lifeline, people familiar with the matter told CNBC. As reported on CNBC, shares of Virgin Orbit fell about 33% in after-hours trading from its Wednesday close of $1.01 a share. The stock has slid steadily…