Billionaire Richard Branson’s Virgin Orbit said that it will lay off 85% of its staff as the space-tech company failed to secure funding. The company announced on March 16 that it was pausing its operations due to a cash crunch. Virgin Orbit CEO, Dan Hart told employees, "Unfortunately, we've not been able to secure the funding to provide a clear path for this company," according to a CNBC report.
The layoff is estimated to impact 675 employees of the company. The rocket company had failed in its first-ever rocket launch in January earlier this year. Virgin Orbit was started in 2017 to build rockets to transport small satellites to space. The company is part of Sir Richard Branson’s aircraft company Virgin Atlantic and space tourism company Virgin Galactic.
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