Virgin Orbit sacks 85% of workforce, Declares Bankruptcy

[arista]

[Around 675 employees will be laid off across
"all areas" of Sir Richard Branson's Virgin Orbit
after funding talks collapsed last week,
prompting the British billionaire to
inject millions into the company.]


[Following news of the layoffs, shares in the
company plummeted by 38% in after-hours
trading in New York.

The staffing cuts will impact around
675 employees across "all areas of the company",
Virgin Orbit said in a regulatory filing,
adding that other total costs are expected
to reach just over $15m (£12.1m).]


https://news.sky.com/story/virgin-orbit-sacks-85-of-workforce-and-ceases-operations-for-foreseeable-future-12846289

[bots]

they couldnt get the investment after the failed flight a few months ago

[Crimson Dynamo]

do you remember Orbit chewing gum?

[arista]

[Billionaire Richard Branson's rocket firm Virgin Orbit
files for bankruptcy after failing to secure investment
It comes after the satellite launch company failed
to secure long-term funding
The California-based company lodged
the filing in the U.S Bankruptcy court
for the District of Delaware]


https://i.dailymail.co.uk/1s/2023/04/04/09/69455167-11936615-image-a-9_1680597148660.jpg


https://i.dailymail.co.uk/1s/2023/04/04/09/69455161-11936615-image-a-17_1680597283793.jpg



Crazy Flying a 747
to launch a rocket.


https://www.dailymail.co.uk/news/article-11936615/Billionaire-Richard-Bransons-rocket-firm-Virgin-Orbit-files-bankruptcy.html

[UserSince2005]

my favourite chewing gum, sad.

[bots]

they couldn't get a satellite into orbit, so they should be prosecuted for trades description violations :laugh: