Virgin Orbit, the rocket company founded by British billionaire Richard Branson, has laid off nearly 85 per cent of its workforce — about 675 employees — after it failed to secure a key funding.<\/p>\n
Virgin Orbit has ceased operations “for the foreseeable future”, its CEO Dan Hart told employees late on Thursday.<\/p>\n
“Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company. We have no choice but to implement immediate and extremely painful changes,” Hart told the employees.<\/p>\n
In a US securities filing, the company announced a workforce reduction of approximately 675 employees, constituting approximately 85 per cent of the company’s workforce “in order to reduce expenses in light of the Company’s inability to secure meaningful funding”.<\/p>\n","protected":false},"excerpt":{"rendered":"
Virgin Orbit, the rocket company founded by British billionaire Richard Branson, has laid off nearly 85 per cent of its workforce — about 675 employees — after it failed to secure a key funding. Virgin Orbit has ceased operations “for the foreseeable future”, its CEO Dan Hart told employees late on Thursday. “Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company. We have no choice but to implement immediate and extremely painful changes,” Hart told the employees. In a US securities filing, the company announced a workforce reduction of approximately 675 employees, […]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,167,130],"tags":[],"class_list":["post-566957","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-civil-aviation-business-standard-newspapers","category-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/566957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=566957"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/566957\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=566957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=566957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=566957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}